China Takes Hard Line as Real Estate Crisis Deepens

Chinese government taking harsh stance towards struggling property developers, saying they "will be made to pay the due price" if guilty of mismanagement
Real estate sector, once 30% of China's GDP, has collapsed since government cracked down on debt financing in 2020
Developers facing insolvency, half-finished projects, plunging property values
Sector downturn dragging on broader economy, with IMF downgrading China's growth forecasts
Officials largely avoided commenting on crisis during recent parliamentary meetings, focusing instead on affordable housing initiatives