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Reuters
China property developers’ woes cast shadow over management units
China’s real estate crisis is casting a darkening cloud over governance and financial prospects of once highly valued property management companies, triggering a rout in their shares and making investors cautious. “The capital market has lost confidence in some of the property management companies, even in those companies that have not seen misuse of funds by their parents,” said UBS’s head of China and Hong Kong property research, John Lam. In one of the latest two cases that have unnerved investors, China Evergrande Group said on July 22 an internal probe had found that $2 billion of funds held by subsidiary Evergrande Property Services had been pledged to guarantee financing by the group for debt repayment.
