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The Chinese property sector crisis is a current financial crisis sparked by the 2021 default of Evergrande Group. Evergrande, and other Chinese property developers, experienced financial stress in the wake of overbuilding and subsequent new Chinese regulations on these companies' debt limits. The crisis spread beyond Evergrande in 2021 to such ...
The shadow banking industry, broadly defined, reached $12 trillion in total size, accounting for 86% of China’s GDP in 2019, according to a report published by the country’s top banking ...
Even though China’s economy expanded faster than expected at the start of this year, growth is being weighed down by the all-important real estate sector, which once accounted for as much as 30% ...
As of 2010, China's real estate market is the largest in the world. [7][8] According to Bloomberg Economics estimates, the sector contributed to about 20% of China's GDP in 2023, [9] down from a peak of 24% in 2018. [10] As of 2023, real property accounts for 60% of Chinese household assets. [6]: 161.
Evergrande Real Estate is the second-largest real estate developer in Mainland China. It is known as "Wan Heng Bi" with the other two top three real estate companies: Vanke (pinyin: Wànkē) and Country Garden (pinyin: Bìguìyuán). The firm has developed projects in over 170 cities in Mainland China.
Plunging sales of new homes and the reported cancellation of a share placement by China’s biggest property developer on Tuesday underscored the depth of the country’s real estate crisis.
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