Chinese property hard landing rolls on

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Moody’s is taking no prisoners amongst Chinese developers:

Global rating agency Moody’s Investors Services on Monday downgraded credit ratings of seven major Chinese real estate developers including Greentown China, Yango Group, China Aoyuan Group, Kaisa Group, Shinsun Holdings, R&F Properties and Zhongliang Holdings.

The downgrades were mostly due to uncertainties in the developers’ property sales and financing prospects as well as worries about their liquidity conditions, according to Moody’s reports.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.