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Property

State-backed companies emerge as 'winners' in China real estate crisis

Bleak overall outlook for sector as sales tumble and losses mount

Apartment buildings under construction in Beijing in July. Analysts say the real estate sector is suffering from a crisis of confidence   © Reuters

HONG KONG -- A select group of state-backed Chinese property developers are emerging as relative "winners" in the crisis engulfing the country's real estate sector, as they take advantage of private rivals' distress.

Among 31 major listed developers that released monthly contracted sales data by Friday, only China Merchants Shekou Industrial Zone Holdings bounced back to positive growth in the second half of the year. All 31 recorded double-digit year-on-year decline for the first eight months.

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