China Institute of Fingers: 20 troubled real estate companies have a total debt of over 1.2 trillion yuan.
The Institute of Middle Finger Research published a document stating that as of August 2025, 20 distressed real estate companies have been approved for debt restructuring and reorganization, with a total debt restructuring amount exceeding 1.2 trillion yuan. The market has been deeply impacted, and the operations of real estate companies have been significantly affected. 27 listed real estate companies have been forced to delist since 2022, and several other real estate companies have privatized and delisted. In order to actively transform and passively maintain their listing status, many listed companies have divested their real estate development business, exited the real estate industry, or transitioned to light-asset business models.
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