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Moody's cuts China property sector's outlook to negative
Moody's on Thursday (Sep 14) cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support. Moody's said it expected contracted sales to fall by about 5 per cent over the next six to 12 months in China, and the impact of government measures to boost property purchases was likely to be short-lived and uneven. The outlook downgrade comes amid a string of debt defaults by cash-squeezed developers. China Evergrande Group, the world's most indebted property developer, is at the centre of the crisis. The ... (full story)