GUANGZHOU/TOKYO -- Chinese property developers' cash crunch has started to hit home for Japanese-backed elevator suppliers whose fortunes had risen with those of debt-laden China Evergrande Group and its peers.
State-owned Shanghai Electric Group said last week it had written off about 2 billion yuan ($305 million) in 2021 in bills unpaid by Evergrande. Much of this amount was owed to Shanghai Mitsubishi Elevator, a joint venture with Mitsubishi Electric.
