Ashmore’s £2.3bn hit

invesTmenT manager Ashmore saw around £2.3bn wiped off the value of its assets as jitters around the Chinese property market put off investors.

Ashmore is one of the biggest international investors in crisis-hit Chinese property developer evergrande, which this week ramped up fears it could default on its massive £219bn debt pile after missing repayment deadlines. As a result, its assets under management had dropped 3.3pc since the end of June to £67bn.

‘Ashmore’s exposure to evergrande and the wider Chinese real estate sector has undoubtedly been a component of the recent additional underperformance,’ said David mcCann, analyst at the broker numis.