Greentown still on the edge of bankruptcy

China still has yet to see a major bankruptcy due to the real estate tightening. If the government wins its battle with the market, Greentown is a likely casualty.

Red Flags Fly at Indebted Developer Greentown
The grim reaper was standing at the door in December when Shou Bonian, CEO and vice chairman for real estate developer Greentown China Holdings Ltd., was saved by an angel investor.

Rival developer SOHO China swooped in with 4 billion yuan for a 50 percent stake in a Greentown commercial project on The Bund in Shanghai that, Shou said, was just one day away from deadly default.

Shou had pleaded directly with SOHO Chairman Pan Shiyi. "If you don't sign," he warned him, "I'll die."

A Shou colleague recently told Caixin that without the rescue deal Greentown – one of China's 10 largest property developers – "truly would have died."

Yet today, more than six months later, indebted Greentown is still struggling to survive.

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