China’s Last Offshore Property Bond Havens Are Crumbling
- Even builders with partial state-backing slide into distress
- Home sale drop worsened in October as Covid flare-up adds risk
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China’s property debt crisis is entering a new phase as even developers that had long been considered safer rapidly tumble into distress.
The past 24 hours have brought things to a head for several builders in that group, while fresh data underscored broader challenges as a slump in home sales intensified.