China's property crisis deepens as another huge developer risks default

This is the best summary I could come up with:

Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds.

On Tuesday, state-owned media outlet Paper.cn, citing an anonymous company source, reported that Country Garden suffered “temporary liquidity pressure” due to deteriorating sales and a difficult refinancing environment.

5 by sales in the first half of this year, according to the China Index Academy — a leading Chinese real estate research firm, a sign that even the biggest players in the industry are suffering from the worst slump the country’s property market has seen.

“If Country Garden, the biggest privately owned developer in China goes down, that could trigger a crisis in confidence for the property sector,” said Edward Moya, a senior market analyst for Oanda.

“The downgrade reflects our expectation that Country Garden’s credit metrics and liquidity buffer will weaken due to its declining contracted sales, still-constrained funding access and sizable maturing debt over the next 12 to 18 months,” Kaven Tsang, a senior vice president at Moody’s, said in a statement.

Last Monday, Premier Li Qiang pledged to “adjust and optimize” policies to ensure the healthy and stable development of the property market, urging cities to roll out measures that meet their own needs,

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8 comments

- Many of these are unfinished, people are highly in debt due to owning like 4-5 houses in different places, many of which are also unfinished by the constructor.
  It’s a bubble that’s either bursting or already did and we don’t know anything about it because China.
This is the best summary I could come up with:
Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds.
On Tuesday, state-owned media outlet Paper.cn, citing an anonymous company source, reported that Country Garden suffered “temporary liquidity pressure” due to deteriorating sales and a difficult refinancing environment.
5 by sales in the first half of this year, according to the China Index Academy — a leading Chinese real estate research firm, a sign that even the biggest players in the industry are suffering from the worst slump the country’s property market has seen.
“If Country Garden, the biggest privately owned developer in China goes down, that could trigger a crisis in confidence for the property sector,” said Edward Moya, a senior market analyst for Oanda.
“The downgrade reflects our expectation that Country Garden’s credit metrics and liquidity buffer will weaken due to its declining contracted sales, still-constrained funding access and sizable maturing debt over the next 12 to 18 months,” Kaven Tsang, a senior vice president at Moody’s, said in a statement.
Last Monday, Premier Li Qiang pledged to “adjust and optimize” policies to ensure the healthy and stable development of the property market, urging cities to roll out measures that meet their own needs,
I'm a bot and I'm open source!
- Uh oh, they're going to start propping up the property sector. What could go wrong
  
  Who knows?! This is totally new territory! Hey, I have an idea! Maybe the traders can start off-loading risky debt onto eachother like it's a party game at a drunk frat house!
It’s Groundhog Day!