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Chinese Markets Slide Following Evergrande Story

Asia-Pacific markets mostly fell Tuesday, with Hong Kong markets leading losses in the region as investors continue to grapple with the fallout from Evergrande’s liquidation order.

In Japan, the Nikkei 225 forged ahead 39.82 points, or 0.1%, to 36,065.86.

This comes as Japan’s unemployment rate in December fell to 2.4%, lower than 2.5% in the month before and slightly below expectations. Economists polled by Reuters expected the unemployment rate to stay unchanged at 2.5%.

In Hong Kong, the Hang Seng index dumped 373.79 points, or 2.3%, to 15,073.45, led by declines in consumer cyclical and real estate stock.

On Monday, shares of the embattled property developer were halted after plunging more than 20%. A Hong Kong court ruled to liquidate the firm, which was once considered one of China’s largest real estate firms.

Australian markets prospered Tuesday for a seventh straight day of gains.

In other markets

In Shanghai, the CSI 300 moved lower 58.92 points, or 1.8%, to 3,245.02.

In Singapore, the Straits Times Index inched up 9.73 points or 0.3%, to 3,150.04.

In Taiwan, the Taiex slid 85 points, or 0.5%, to 18,034.63.

In Korea, the Kospi index dipped 1.84 points to 2,498.81.

In New Zealand, the NZX 50 notched higher 2.52 points to 11,914.40.

In Australia, the ASX 200 advanced 21.75 points, or 0.3%, to 7,600.19.