HONG KONG -- Foreign banks are cutting their China forecasts further after the property sector revealed even more signs of distress.
"Property contagion concerns are rising," Goldman Sachs said on Monday as it lowered its outlook for Chinese share performance. "The pressures have recently percolated to the financial economy," it added, pointing to missed payments by developer Country Garden on two dollar-denominated bonds and by Zhongzhi Group, one of China's largest trust companies, on dozens of financial products.
