Chinese authorities have been tightening financing rules for real estate developers to curb risks in the sector and prevent the housing market from overheating. That has added to pressure on cash-starved developers and brings many of them, especially small-sized ones, to bankruptcy.
As of July 23, 271 property developers had declared bankruptcy this year and in July alone, 34 developers have declared bankruptcy, equivalent to an average of 1.48 bankruptcy case each day, according to the record on the website of the people's court.
"While the number of bankruptcy cases is still lower than 2014 when . . .
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