Property News · June 24, 2020

Small Chinese property developers betting on ‘revenge spending’ could go bankrupt instead


Shanghai-based Zhenro Properties plans to build up its land bank this year by acquiring plots during distress sales by smaller companies.The top-tier developer believes underperforming smaller property companies will be forced to offload projects in the second half of the year, with some filing for bankruptcy, and will not buy all its land at expensive government auctions.“About 20 per cent to 30 per cent of home builders will be gone [in the next couple of years]. Some will just exit the…

Source : South China Morning Post
Read more…Small Chinese property developers betting on ‘revenge spending’ could go bankrupt instead