Middle-class families bear the brunt of swings on bourses

The wealth of middle-class families in China has shrunk substantially as a result of the recent stock market crash, said a report published by the China Securities Depository and Clearing Co Ltd.

The number of accounts with stock holdings worth more than 1 million yuan ($156,200) fell by 550,000 in June and July during the market rout which slashed the benchmark stock index by nearly 30 percent during the period.

The situation was even worse for smaller investors as nearly 870,000 accounts with stock holdings worth between 100,000 yuan and 500,000 yuan disappeared during the period, the report said.