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...With additional reporting by Cheng Leng in Hong Kong, Ryan McMorrow in Beijing and Sun Yu in New York...
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...On my last morning, I strolled around the property, past well-dressed couples taking selfies under the outdoor pools’ scalloped sun umbrellas or asking staff to snap them beside the tangerine-orange electric...
...Until now, no matter how bad things got, Chinese property developers could count on state-owned lenders to have their backs....
...The involvement of a prominent state-owned bank signals a new level of impatience among creditors as a cash crunch for property developers continues to worsen....
...This has raised concerns for the recovery of the world’s second-largest economy, which has failed to revive consumer sentiment as it contends with a long-running property sector slowdown and weaker exports...
...Lan’s arrest in 2022 triggered a slowdown in the property market and corporate bond activity....
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