Petitions to wind up debt-laden companies have been filed against other Chinese property developers in Hong Kong, including China Evergrande Group

A group of seven companies including Shenyang Heping District State-owned Assets Management Company bought the bank stake in a court-ordered auction on Wednesday

The court approved an application by Evergrande on Monday and its major offshore credit group to adjourn the wind-up petition until November 7.

Prices of homes are expected to drop in China this year, while total sales could fall by about a quarter from last year, a new poll of economists has found

Banks have started to dial back their exposure to the ailing sector with total real estate loans rising just 3.3% this year while overall lending rose 7.9%

With bond defaults totaling over $50 billion, fund managers are choosing to cut their losses amid the mortgage payments boycott and plunge in home sales and prices

The world's second-biggest economy is set to slow again in the third quarter as Covid lockdowns across the country hit production

Local governments are selling off idle properties and mining rights as the country's faltering economy puts pressure on fiscal revenue, Caixin Global reported

August sales for China's top 100 property developers fell more than 30% from the same time last year, slipping a further 0.8% from July, Wall Street Journal said

The building industry faces multiple threats such as "sluggish demand, weakening expectations and falling prices," Country Garden said.

Home prices in the city eased 1.6% last month from June and have now dropped 4.5% so far this year.

Senior executives at some Chinese state banks and asset managers are wary of dealing with debt-laden developers and incurring substantial losses of their books, sources say.