The spate of bad news suggests that troubled property giant Evergrande, China’s most indebted company, might be heading toward liquidation.
In an effort to end the slump, cities across China are trying to revive property sales by making it easier for nonresidents to buy homes as well as cutting down payment requirements and improving mortgage rates.Across the broader economy, too, there were signs of recovery in August, as sales of goods pick up and exports stabilized.
“[The property sector] is the biggest immediate problem that can worsen structural issues, such as confidence,” said Gary Ng, senior analyst at Natixis, a Hong-Kong based investment firm. Evergrande is “a symptom of the ongoing problems in the real estate sector which may drag down China’s economic growth in the future,” Ng said.
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