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China debt crunch

China property developer sales 'falling off a cliff'

Rating agencies flag governance, transparency as liquidity dries up

China's debt-hit property developers are struggling to sell homes in a sluggish market.   © Reuters

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.

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