The Evergrande saga has captured global attention as one of the world’s most heavily indebted companies threatens to default on billions of dollars’ worth of debt. It’s not just foreign investors who are on tenterhooks, however. Land sales to real estate companies like Evergrande have been a vital source of revenue for cash-strapped local governments across China in recent years, which have used the funds to drive growth and economic innovation.
As the real estate sector’s woes
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