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Sunac slides on fears of Beijing crackdown after buying spree

Shares in Chinese developer Sunac tumbled yesterday as the market reacted to fears that the ambitious property developer had come under official scrutiny.

Sunac’s Hong Kong-traded shares fell as much as 13.5 per cent — erasing $1.1bn in equity value — following a report from the news site Jiemian that said the country’s banking regulators had ordered Chinese banks to review the developer’s credit risks.

Jiemian is a state-backed business website in Sichuan that has made a splash with a string of exclusive reports.

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