China’s property crisis is spiralling as homebuyers refuse to pay

The bigger worry is that a widespread loss of confidence in real estate will put major strain on China’s economy and financial system, which is sitting on 46 trillion yuan (RM30 trillion) of outstanding mortgages and still has 13 trillion yuan (RM8.6 trillion) of loans to the country’s beleaguered developers

FORMER UBS Group AG economist Jonathan Anderson once called it “the most important sector in the universe.”

More than a decade on, Chinese property is again grabbing the attention of global investors – this time for all the wrong reasons.