The Development and Research Center of the State Council is a policy research and consultation institute under the State Council. On November 9, it held a conference with several real estate developers and banks in Shenzhen in order to talk about the real estate situation in China.
At the meeting, a representative of the Kaisa Group (佳兆业集团) asked for help stating that the company is facing great difficulties, including a tight cash flow, a complete loss of investment capability, continuous credit downgrading, and the fact that Chinese banks’ have stopped providing loans.The Kaisa representative expressed that, without external help, the company may cause a chain reactions of work stoppage and unfinished construction.
(Editor’s Note: Several Chinese media, including the communist party controlled Ta Kung Pao in Hong Kong, reported this news, but they later removed their articles.)
Source: Secret China, November 9, 2021