It appears the collapse of China's stock market has officially taken its first victim. While we have heard from desperate farmers who lost everything after realizing that making money in stocks is not easier than farmwork [5], RT reports [6]that a 57-year-old man has allegedly committed suicide in Shenyang, the largest city in Liaoning Province, by jumping off the 17th floor of a building with a black briefcase "full of stock-related materials," local press reported.
As we previously heard from one Chinese farmer, [5]
From the hope-filled exuberance of early June to Yang Cheng's utter hopelessness, "I have lost everything," after he followed the government's 'grand plan' to open the economy and encourage stock market speculation.
Having piled his life savings (plus his relatives' money) into the market, thanks to encouragement from his broker he borrowed $1 million in margin and bet it all on one stock - a local mining company.
Now, after being forced to liquidate by the same risk-encouraging brokerage, he has suffered catastrophic losses... and he is not alone...
"I don't know what to do... I trusted the government too much..." he exclaims, adding "I won't touch stocks again, I have ruined everyone in my family."
And now, as RT reports, [6] it appears the crash has claimed its first victim,
A 57-year-old man has allegedly committed suicide in Shenyang, the largest city in Liaoning Province, by jumping off the 17th floor of a building, possibly in response to a recent stock market crash in China, local press reported.
The building belongs to the city’s Chamber of Commerce and the 17th floor hosts a security exchange center, China.org reported citing a local newspaper. The incident took place Tuesday afternoon at around 2:00 p.m.
According to a witness, a black briefcase ‘full of stock-related materials’ was found on the ground next to the body of the man who was reportedly identified as a local resident.
While authorities are investigating the reason for the dive, it has been suggested that the suicide was connected to the recent stock market crash.
Be careful who you tell about this though...
Last month, Chinese authorities arrested a man who had allegedly been spreading rumors about people jumping off buildings in Beijing because of a stock market crash, China Central Television reported. The 29-year-old man allegedly wrote on social media that “there are people, because of the stock market crash, who have jumped off buildings in Beijing’s Financial Street.”
The post in question disappeared the day after it was created, thought to have been deleted by the state censors. Its author was detained for “disorderly behavior.”
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Who's next?
[7]
