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Chinese Investors Who Borrowed Are Hit Hard by Market Turn
With his stock market riches, Gong Yifeng bought a riverfront apartment here for his son and daughter-in-law. He can eat well and travel abroad. He can also afford to pay for his granddaughter’s education. But the losses are rapidly piling up for Mr. Gong, a retired shipyard worker. With China’s stock market 30 percent off its highs, his portfolio is down more than $30,000 in the last few weeks. “I don’t need a high-flying market, just a stable one,” Mr. Gong said. Millions of ordinary investors like Mr. Gong, who piled into an ever-soaring Chinese stock market over the last year, are bracing for a ... (full story)