Article Image

IPFS News Link • China

More than 60% of China's large real estate companies step out of line, the next wave of defaults

• China Reports - The BL -

China's Evergrande Group and other prominent real estate companies have been defaulting on their debts, causing turmoil in global stock markets. According to Bloomberg, as of Oct 29th, two-thirds of the top 30 property developers ranked by the China Real Estate Information Group (CRIC) in terms of revenue have stepped on the "three red lines" of real estate financing rules, raising fears that more property developers will default on their debts.