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China Builder CIFI Falls Deeper Into Distress Despite State Help

  • A bond from Shanghai-based CIFI slumped 17 cents to record low
  • Stress also spread further to peers Country Garden, Longfor
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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.