Via MNI is this from the National Business Daily:
- A full-scale housing collapse in Handan, a third-tier city in Hebei province
- Developers lose access to funding
- Several developers have absconded while many projects have stopped mid-construction
- Funds were largely sourced from the private lending market because of tightening bank credit
- The report cited a local property researcher as saying that it will take nearly 10 years to digest the housing inventories
- Eleven plots of land, 16 development projects, the equity of seven companies and a steel mine have been frozen so far
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I’m sure there will be more to come on this
