The Chinese property crash is getting worse at a spectacular clip:
Rating agency S&P Global delivered fresh downgrades to two of the sector’s bigger firms, Greenland Holdings – which has built some of the world’s tallest residential towers – and E-house, and warned it could cut their ratings further.
The $5 trillion property sector accounts for around a quarter of the Chinese economy by some metrics. In the clearest sign yet that global investors’ worries are growing, the spread – or risk premium – on investment grade Chinese firms, which tend to have the most solid finances, jumped to its widest in more than two months.
