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China debt crunch

Evergrande crisis leaves projects stalled and buyers angry

Developer's debt crisis exposes cracks in China's real estate myths

Work on the Sunshine Peninsula development in the Guangzhou suburbs has come to a halt. (Photo by Yusuke Hinata)

GUANGZHOU/SHANGHAI -- The future site of Sunshine Peninsula, a massive 5,000-unit condominium development in the suburbs of Guangzhou, was silent in late September.

About half the buildings had been completed up to only about their middle floors, leaving steel bars exposed to the elements. The other half remained vacant, windows gaping open without glass.

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