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Asia markets up but fears over Chinese real estate linger

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HONG KONG: Asian stocks opened higher on Wednesday, extending a Wall Street rally, but fears lingered over China’s debt-hobbled property sector.
In Hong Kong, Chinese real estate company Kaisa Group Holdings suspended share trading just before the opening bell, “pending the release by the Company of an announcement containing inside information”, according to a filing with the exchange.
Kaisa, China’s 27th-largest property firm but one of its most indebted, became the latest company to spook investors when it announced on Friday that it had failed in a bid for a debt swap that would buy it crucial time.
China’s real estate industry — a key growth driver in the world’s second-largest economy — has cooled in recent months after Beijing tightened home-buying rules and launched a regulatory assault on speculation.
The moves have created headaches for several major developers, notably China Evergrande, the country’s second-largest by volume that is…

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