China Fortune Land’s US$813 million of missed debt payments sparks fears of further defaults under Beijing’s ‘three red lines’ for property developers – S. China Post

Concerns about rising defaults in China’s property sector grew as a major developer became the first casualty of strict deleveraging rules recently introduced by the government, missing debt payments.China Fortune Land Development, ranked 43rd by sales nationally last year, said it had overdue loans of 5.26 billion yuan (US$813.37 million) because of a liquidity shortage. Fitch Ratings downgraded the developer on Wednesday to reflect the “extremely high risk” of buying its debt.The Beijing…

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Mainstream media is often "Fake News." Nevertheless, one needs to see what others are seeing and then read with discernment.

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