Property developers have found a new play on the Chinese market: buying up the soured debts of their rivals.
The property market is a linchpin of China’s economy. A slowdown in sales and falling prices in some large cities have sparked concerns of a deeper downturn if economic growth continues to stutter. Demand for homes, despite recent monetary policy easing, has been muted, according to research from UBS.
China’s economic slowdown has also resulted in record sales of bad debt, with Rmb1.75tn ($259bn) in non-performing loans sold off to distressed asset investors last year, the most in nearly two decades.
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