April 17, 2024

Brighton Journal

Complete News World

Real estate developers have to go bankrupt if necessary

Real estate developers have to go bankrupt if necessary

China's real estate sector has employed many construction workers, who usually live in temporary housing nearby.

Bloomberg | Bloomberg | Getty Images

BEIJING – Chinese authorities have indicated that China's troubled property developers will not get a major bailout, warning that those who “harm the interests of the masses” will be punished.

“For real estate companies that suffer serious insolvency and have lost the ability to operate, those that should go bankrupt should go bankrupt, or be restructured, in accordance with the law and market principles,” said Ni Hong, Minister of Housing, Urban and Rural Affairs. Development said in a press conference on Saturday.