China says collapsing real estate giant EVERGRANDE overstated revenue by 78 billion.
(www.breitbart.com)
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It's a hidden boom. I once read that a lot of investors are heavy invested in Evergrande, 401s, hedgies etc. They hide the collapse, it seems, but it's inevitable.
Real estate is where many Chinese put their life savings. It was perceived as being not just a safe investment for a historically growing population, but it was also tangible, which is important for those in a communist system that are used to overt shenanigans and market manipulation. Unfortunately this market was rife with fraud and manipulation too.
Stock is down almost 21%