USEUROPEAFRICAASIA 中文双语Français
Home / Business

Default 'sign of stress' in property sector

By Hu Yuanyuan | China Daily | Updated: 2014-03-20 07:28

The default of Zhejiang Xingrun Real Estate Co may portend difficult times ahead for small developers amid emerging risks in third- and fourth-tier cities, analysts said.

On Tuesday, several media reports said that Zhejiang Xingrun, a private property developer in Fenghua, Zhejiang province, is likely to default on 3.5 billion yuan ($573 million) in debt owed to several banks, as well as other obligations.

The Financial Times also reported that the People's Bank of China had held a meeting with the local government and other banks to discuss the case.

Default 'sign of stress' in property sector

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US