China’s property developers have a habit of countering bad news with good. Bears expect a slowdown, given high net debt and government plans to rein in excessive borrowing. But core profits at big developers grew about 50 per cent on average in the most recent earnings reporting season. The sector cannot defy the bears for ever.
中國房地產開發商常常用好消息來反駁壞消息。鑒于凈債務高企和政府計劃遏制過度舉債，空頭人士預計房地產業增長放緩。但在最近的財報季，大型房地產開發企業的核心利潤平均增長50%左右。然而房地產業不可能永遠反駁空頭人士。
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