HONG KONG -- Yango Group needed only a few words to sum up the crisis facing China's ailing property developers: "falling off a cliff."
That was the company's grim assessment of its prospects in a sluggish real estate sector, as the midsize developer warned that January contracted sales fell nearly 52% to 6.71 billion yuan ($1.06 billion), adding to the pain of a 15.7% year-on-year drop in 2021.
