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BEIJING / HONG KONG – November 27, 2025. China’s stock markets ended Thursday mixed, with modest gains in benchmark indices masking sharp losses in property developers after China Vanke moved to delay an onshore bond repayment. A softer yuan fixing, weaker industrial profit data and fresh tech-sector worries around Nvidia chips and ByteDance added to a cautious tone, even as global risk sentiment improved on expectations of a U.S. Federal Reserve rate cut next month.