As China’s real estate slump drags on with no recovery in sight, distressed developers are shifting toward more aggressive debt restructuring for survival, forcing creditors to swallow deep losses.
The strategy marks a perilous new chapter in the country’s years-long property crisis. Companies are now slashing tens of billions of yuan from their liabilities through restructuring plans that often hinge on creditors accepting severe “haircuts” — or risk getting even less in bankruptcy.
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