Evergrande's unravelling is still commanding global attention, but its troubles are part of a much bigger problem.has made headlines as investors wait to see what will happen to its enormous mountain of debt. As the slow-moving crisis unfolds, analysts are pointing to a deeper underlying issue: China's property market is cooling off after years of oversupply.
But for years, critics have questioned whether that engine of growth was creating a ticking time bomb for the world's second largest economy. That's in part because of the massive debt many developers took on to finance their projects. In a recent report, Zhu wrote that 12 Chinese real estate firms defaulted on bond payments totalling about 19.2 billion yuan in the first half of the year.
That same month, new home prices edged up 3.5 per cent "from a year earlier, the smallest growth since the property market rebounded from the pandemic fallout in June 2020," wrote Zhu. "[This] gives the authorities a strong incentive to ensure that ongoing projects continue as failing developers are restructured," said Williams.
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