Translated by: MOS Business Team – xiaobailong007
The Times Weekly reports that, according to incomplete statistics, a total of 274 real estate companies have declared bankruptcy in Communist China as of September 5 this year, averaging about one bankruptcy per day. Micro real estate companies are accelerating their exit from the market. Among them, there are some well-known companies. Sun Hongbin, chairman of the board of directors of Sunac China, recently described the housing market starting from the third quarter of this year as “tragic”, saying “except for us, Sunac, anyone can close their doors in a crash”. Fearing a series of domino effects after the collapse of the property market, the Chinese Communist Party (CCP) has issued a paper order to limit the fall in the mainland and even suspended the implementation of the anti-foreign sanctions bill in Hong Kong. The regulators are interviewing and reviewing the real estate companies. Many real estate developers have become the meat on the chopping block and not been able to stop the loss. The Chinese Communist Party is supposedly stabilizing housing prices through macroeconomic regulation, but it can’t hold people’s minds. The fragile treasury and dollar reserves dwindling caused by the gradual decoupling of the international economy have been completely unable to stop the full collapse of the economy.
(This article represents the views of the author only)
Edited by: Stay
Proofread by: Stay
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