Caixin has a good report on the mounting panic in Beijing as the property black hole expands.
The downward spiral of China’s ailing property sector shows no sign of abating despite the government’s rollout of a seemingly endless series of supportive but as yet ineffective measures, with the crisis stretching for over three years.
Now, some of the industry’s top performers such as Gemdale Corp. and China Vanke Co. Ltd., who thus far had been weathering the storm, are teetering under massive maturing debts, spooking investors and sending the value of the latter’s dollar bonds plunging more than 30% last month.
