China’s property market is beset by crises. Many of the country’s largest property developers have either defaulted on their debts or are on the verge of doing so. Property and land sales — the lifeblood of local government finances — are declining by double digits. COVID-19 lockdowns, weak business confidence, and tighter financial conditions all present headwinds for the sector.
When property developer Evergrande tumbled into financial distress last year, many analysts immedia
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