Unlike lightning, China’s state broadcaster most certainly strikes twice. Property developers have the burn marks to prove it.
Last week, China Central Television doubled down on its attacks on real estate companies for owing billions in unpaid land taxes, training its guns on no less a target than the country’s biggest listed developer, Vanke. The report marked the second time in little more than a month that the broadcaster had made these accusations. Developers have denied them both times.
What might seem like an obscure tussle between CCTV and the property companies could turn out to be one of the most serious risks facing the global economy this year.
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