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Podcast: Patrick Boyle On Finance
Episode: Chinese State Owned Developers Rescue Local Governments!
Description: Send us a textChinese state-owned developers are rescuing cash-strapped local governments in China by stepping to the fore at land auctions previously dominated by private sector groups like Evergrande.State-owned bidders include highly leveraged local government finance vehicles, which have traditionally focused on infrastructure projects rather than real estate. LGFVs have accounted for about one third of land purchases by value at auctions since September, compared with just over 10 per ce...