China real estate industry recovering from debt crackdown: Officials ...Middle East

China's vast real estate industry is recovering from a slump triggered by tighter debt controls, a deputy central bank governor said Friday, after a wave of defaults by developers rattled global financial markets. Pan Gongsheng mentioned Evergrande Group, the global industry's most heavily indebted developer, but gave no update on its government-supervised efforts to restructure 2.1 trillion yuan (USD 305 billion) in debt to banks and bondholders. Market confidence is recovering. Transaction activity in the real estate market has increased," said Pan at a news conference ahead of the meeting of China's legislature. The financing environment, especially for high-quality enterprises, has impro

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