A Chinese developer among a rapidly dwindling group still able to access financing has found that’s no panacea amid a broader property debt crisis that policy makers are increasingly trying to defuse.
CIFI Holdings Group Co., China’s 15th-largest developer by contracted sales this year, is among a select group of real estate firms that recently received state guarantees on local debt sales. Just weeks after that, though, its problems are rapidly multiplying, underscoring the limits to official steps to support the real estate industry.
