A model Chinese property developer in a sector replete with risk takers is teetering on the edge of default.
Short of cash, one of China’s biggest asset managers has missed payments to investors.
The broader economy has been threatened, and the confidence of consumers, businesses and investors undermined.
So far, China’s typically hands-on policymakers have done little to ease anxieties and seem determined to reduce the country’s economic reliance on real estate.
“What is happening in the Chinese property market is really unprecedented,” said Charles Chang, who heads corporate credit ratings for Greater China at Standard & Poor’s.
Persons:
”, Charles Chang
Organizations:
Greater, Standard
Locations:
China, Greater China