Intensifying tremors within China’s property sector have renewed fears about potential spillover effects on the rest of the country’s economy and beyond.
Experts said that news of yet another top developer teetering on the brink of a default will be a further blow to market confidence and may exacerbate the downturn in China’s property sector.
The property sector has also “gone through a wrenching adjustment” and its problems are now widely known versus before, noted Mr Evans-Pritchard. “As such, a hit to growth that would normally be manageable risks tipping the economy into a vicious cycle between falling output, deleveraging and deflation.”
More stimulus to support growth could be on the cards, although experts such as Mr Evans-Pritchard reckoned that would unlikely be in the form of a direct bailout of distressed developers with authorities “keen to avoid moral hazard”. “This is somewhat alleviated by China’s slower-than-expected reopening and reduced global financial exposure to the real estate sector,” he told CNA.‘She got an abortion, broke up with me’: The human suffering behind China’s property crisis
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