When Li Keqiang, China’s premier, told the National People’s Congress this month that the government was worried about “high leverage in non-financial Chinese firms”, finance directors of the country’s property developers must have winced.
Balanced between their reliance on ballooning debt markets, which Beijing wants to bring under control, and a housing boom that authorities want to cool, developers have defied predictions of collapse for years.
Even now, few analysts are predicting disaster but they say high leverage is a rising risk as margins come under pressure.
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