Summary
China’s property crisis is expected to get worse as sales of new homes plummet and indebted developers struggle to find funds to complete projects. Real estate giant Evergrande was recently forced to liquidate as more than 50 housing developers have defaulted on their debts in recent years.
WSJ’s Jonathan Cheng travels to an abandoned “ghost town” in Shenyang City built by the Greenland Group to explain how China’s real-estate slump has become a headache for the government.
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