At least four of China’s real-estate-related companies have defaulted on bonds this year, as Beijing maintains its campaign against excessive debt. Photo: Reuters At least four of China’s real-estate-related companies have defaulted on bonds this year, as Beijing maintains its campaign against excessive debt. Photo: Reuters
At least four of China’s real-estate-related companies have defaulted on bonds this year, as Beijing maintains its campaign against excessive debt. Photo: Reuters
Nicholas Spiro
Opinion

Opinion

The View by Nicholas Spiro

China’s deleveraging campaign takes a toll on the private sector, especially the battered property market

  • Nicholas Spiro says an upswing in the Chinese equities market can’t disguise the beating its private firms have taken due to government efforts to rein in debt
  • Furthermore, these worrying signs appear unlikely to ease as long as central banks dial back their stimulus measures

At least four of China’s real-estate-related companies have defaulted on bonds this year, as Beijing maintains its campaign against excessive debt. Photo: Reuters At least four of China’s real-estate-related companies have defaulted on bonds this year, as Beijing maintains its campaign against excessive debt. Photo: Reuters
At least four of China’s real-estate-related companies have defaulted on bonds this year, as Beijing maintains its campaign against excessive debt. Photo: Reuters
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.