China stockmarket investors burnt by market turn

With his stock market riches, Gong Yifeng bought a riverfront apartment here for his son and daughter-in-law. He can eat well and travel abroad. He can also afford to pay for his granddaughter's education.

But the losses are rapidly piling up for Mr Gong, a retired shipyard worker. With China's stock market 30 percent off its highs, his portfolio is down more than $US30,000 in the last few weeks.