This article only represents the author's own views.
It’s often said that one man’s misfortune is another man’s fortune. But in the case of Greentown China Holdings Ltd. (3900.HK), the company’s earlier misfortune is turning out to be its own greatest asset in China’s current property market downturn.
Even as many private developers drown in massive debts, often tottering on the brink of insolvency, Greentown has emerged as a rare exception. The company is no stranger to financial woes, having flirted with bankruptcy twice. But it appears to have learned a lesson on the dangers of too much debt, and long ago ditched the high-leverage strategy that is now getting so many of its rivals into trouble.
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