State-backed companies are coming to the rescue of embattled Chinese developers pushed to the edge of financial ruin by Beijing’s “three red lines” borrowing restrictions.Agile Group, one of the country’s top 20 home sellers, said it will sell its 26.7 per cent stake in a Guangzhou property joint venture for 1.84 billion yuan (US$300 million) to a unit of China Overseas Land & Investment (Coli).Hong Kong-listed Coli is a property arm of China State Construction Engineering, which is directly…
Source : South China Morning Post
Read more…Agile Group becomes latest debt-ridden Chinese developer to be rescued by state-owned company















