China In-Focus – Banking, home stocks slump; Alibaba cuts a third of deals team staff

RIYADH:  Investors dumped China’s banking and real estate stocks on Thursday, fearing deepening trouble in the property sector would begin to hit the financial system as a wave of homebuyers refused to repay mortgage loans for delayed projects.

Bonds of Chinese developers were also sold off, as confidence in the sector, already wrecked by the Evergrande Group crisis, continues to wane.