For developers, it all amounted to a near-limitless business opportunity, and many went deep into debt to finance giant projects that often sold out in hours, with would-be buyers in some cases storming sales offices
And in the next few years, developers face a mammoth wall of bond maturities.
“Very likely the act of deleveraging will kill a bunch of players,” said Sean Zhang, Cushman & Wakefield Inc.’s China head of financial advisory services. “Lots of companies have found the funding doors completely shut. I’ve started to tell some clients: don’t bother financing, you’d better sell.”
The developer lurched into full-blown crisis this year, defaulting on bond payments and having its stock halted after a 62 percent plunge since Jan. 1
“Sentiment is taking a turn. The market just started to feel winter.”
— With assistance by Emma Dong
Will India be different because we have Modiji? I don't think so!
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