China Developer Rally Fueled by Fear and Greed Tests Policy Vow
- Beijing pledged to relax crackdowns, support sector last month
- Industry plagued by record developer defaults, sales slump
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The Chinese government’s pledge of support for embattled developers ignited a frenzied rush for stocks and bonds.
But three weeks later, the frantic rally is testing the limits of investors’ patience as Beijing has yet to spell out details of how the government would relax curbs to prevent a disorderly collapse in the property market.