China stocks slump as funds seen migrating to property

The Shanghai index is pressing against the intraday support level in late January around 2,638 points, and remains well below the false bottom it found in August, when the Chinese government unleashed a massive market intervention to return the market to a "reasonable bull market." The botched response to the crash was widely seen as throwing Beijing's competence to manage a modern stock market into question and the government subsequently replaced the chief stock regulator earlier in the month,