China’s housing minister said Beijing will not be bailing out the country’s distressed property developers.
“Real-estate companies that are seriously insolvent and have lost their operating capabilities must go bankrupt and be restructured in accordance with the principles of the rule of law and marketization,” Ni Hong, China’s minister for housing and urban-rural development, said at a press briefing on Friday.
Ni’s statement provides insight into how Beijing plans to handle its years-long real-estate crisis. Authorities have been rolling out measures to boost demand in the sector without reinflating its property bubble.
China’s real-estate debt crisis has already taken down property giant Evergrande, which is currently undergoing…
