From Forbes:

Of the 90 publicly listed Chinese property developers listed on the Shanghai and Shenzhen stock exchanges, almost two-thirds of them reported negative operating cash flows for the first half of 2010.

No wonder the People’s Bank of China asked these companies to estimate their level of write-offs if home prices were to fall by a humungus 60% instead of the prior target of 30%. At the time, my China hands made little of the seemingly worrisome instruction.. I guess everyone wanted to believe that the Chinese equity market would remain the golden goose even as...

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