Highlighting the difficulties facing policymakers, China's property sector continues to struggle despite an extension of financial support for developers and incentives for first-time home buyers and upgraders
Missed payments on investment products by a leading Chinese trust firm and a fall in home prices have added to worries thatZhongrong International Trust Company, which traditionally had sizable real estate exposure, has missed payments on dozens of investment products since late last month, a senior official told angry investors.
A string of defaults in the shadow banking sector could have a wide-ranging chilling effect as many individual investors are exposed to the high-yielding trust products. Missed payments could weigh on already fragile consumer confidence in the absence of stronger support measures from Beijing. Some economists say many consumers and small businesses may already feel economic pain as deep as during a recession, given youth unemployment at record rates above 21% andsqueezing companies’ profit margins. New bank loans fell to a 14-year low in July.
Even after widespread reforms over the past decades, Beijing retains a strong grip over the banking sector and domestic financial markets. But news of fresh defaults has triggered contagion fears.Adding to the gloom, China’s new home prices fell in July for the first time this year, the latest in a string of downbeat data that underlines the urgency for bolder policy support.
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