A pedestrian passes near residential buildings at a Zhenro Properties Group development in the Jinshan district of Shanghai on February 24. Zhenro is asking bondholders for more time to pay back about US$1 billion in debt due to mature this year, citing liquidity pressure. Photo: Bloomberg
A pedestrian passes near residential buildings at a Zhenro Properties Group development in the Jinshan district of Shanghai on February 24. Zhenro is asking bondholders for more time to pay back about US$1 billion in debt due to mature this year, citing liquidity pressure. Photo: Bloomberg
Hao Zhou
Opinion

Opinion

The View by Hao Zhou

What China’s grim property market prospects mean for the economy

  • Measures meant to support the market do not appear to have taken effect, and recent news of property defaults shows headwinds remain strong
  • The importance of land sales, which have been sluggish, suggest the property sector will be a significant drag on economic growth

Hao Zhou
Hao Zhou

Updated: 4:30pm, 1 Mar, 2022

Why you can trust SCMP
A pedestrian passes near residential buildings at a Zhenro Properties Group development in the Jinshan district of Shanghai on February 24. Zhenro is asking bondholders for more time to pay back about US$1 billion in debt due to mature this year, citing liquidity pressure. Photo: Bloomberg
A pedestrian passes near residential buildings at a Zhenro Properties Group development in the Jinshan district of Shanghai on February 24. Zhenro is asking bondholders for more time to pay back about US$1 billion in debt due to mature this year, citing liquidity pressure. Photo: Bloomberg
READ FULL ARTICLE