SHANGHAI : If this week's developments at China's most indebted property developer are anything to go by, 2022 might see Beijing soften its attempts to purge the sector and make more allowances for economic stability.
The sector has been at the fore of Beijing's attack on bloated industries, high debt levels and over-investment as it strives for common prosperity and higher-quality growth. "The concern seems to be primarily focused on homebuyers, secondarily on workers and contractor counterparties," said Charles Chang, senior director and China Country Lead at S&P Global Ratings."...the government is demonstrating that it would like the market to function."
In a recent note, JPMorgan analysts flagged the property market slowdown as the biggest threat to economic stability, noting that a 5 percentage point slowdown in investment could directly and indirectly lower GDP growth by as much as 0.7 percentage points. It is not alone, with Chinese developers facing $116 billion in maturing debt this year, according to Refinitiv.
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