A year ago the demolition of China’s property sector was well under way. Developers struggled to borrow, home buyers were on strike.
This year, sagging financial foundations have been underpinned. The central bank has made about $29bn in loans. Local banks have extended deadlines for borrowers.
A bounce in April’s new home prices was a sign of hope. But a surge in new court-ordered liquidations and developer defaults should give investors pause for thought.
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