Cover Story: China’s Property Crisis Contagion Spreads to State-Backed Developers

Recent revelations indicate the crisis, which is stretching into its third year, is now hitting developers whose deep pockets had largely insulated them from the chaos

Despite China’s government throwing just about everything in its policy basket at the real estate crisis, the sector continues to deteriorate, with sluggish sales, a growing list of unfinished projects, and mounting debt repayments. Consequently, more developers than ever are on the edge of defaulting on their maturing bonds estimated to be worth over 2 trillion yuan ($357 billion)…….

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https://en.caixin.com/2023-07-31/102089016.html