The next level of contagion spread would show up in the Chinese banking sector amidst a liquidity crunch. On Friday, The People's Bank of China injected 90 billion yuan ($14 billion) of funds, the most since February, to provide short-term liquidity into the banking system. Shares of Sinic Holdings Group Company, a Shanghai-based real estate developer, plunged nearly 90% on massive volumes (approximately 14 times above average trading volume) before trading was halted. In an article published by Bloomberg, Philip Tse, director and head of Hong Kong and China property research at Bocom International Holdings Co Ltd. said the following, "'It's the same story as everywhere else — investors are concerned about the liquidity. I think there are most likely some margin calls on some of the major shareholders,' by looking at Sinic's stock price pattern this afternoon."