Court records show about 220 real estate companies filed for bankruptcy so far this year, tracking at a slightly lower rate than the 390 filings during 2020.
Fujian province's Fusheng Group, for example, which in 2018 boasted how it would buy land, begin building within three months, make sales within six months and recover its investment within a year is now ailing and in the process of being bailed out by bigger rival Shimao"There'll be no more big profits for developers," said an executive at one mid-sized developer in eastern China, who requested anonymity because he is not authorised to speak publicly.
Executives were summoned by regulators last week and told to put their house in order to preserve stability - a move markets weren't sure whether to interpret as a hint at support or a warning of what is to come.To be sure, bad debts at commercial banks are steady and low with non-performing loans at 1.76% last quarter, according to the banking regulator, and some investors do not think a U.S.-style short-term-pain-long-term-gain wipeout is a likely event.
Source: Financial Digest (financialdigest.net)
Yet another example of our Reuters propagandist hacks double standard when it comes to China, speaking of property they will illustrate that with e.g. Sidney opera for Australia and skyscrapers sky line elsewhere, but for China they'll cherry-pick the most demeaning picture ever.
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