Since I went uber-bearish on Chinareal estate more than a year ago, it has long been expected here that the real estate market will be under pressure from highly-leveraged real estate developers, and some will go bust.

Apparently, one unknown real estate developer in Hangzhou has just gone bust. Hangzhou Jinxing Property's (some sources translated its name as Venus real estate company) application for bankruptcy protection has been accepted by the court, according to sources including ifeng.com. Jinxing Property is owned by Zhejiang Zhongjiang Holdings, which is also in the process of going bust now, apparently.

This would be the first real casualty of real estate market regulation in Hangzhou. Predictably, I would expect more to come in China.