China's Property Developers Facing Harsh Consequences Amid Real Estate Slump

China's government is refusing bailouts to struggling real estate developers, signaling a shift towards a "survival of the fittest" approach. The $5 trillion real estate sector has been hit hard by the government's decision to cut off debt financing, leading to bankruptcies and a significant economic downturn. The IMF has downgraded growth estimates for the Chinese economy due to unresolved financial distress among developers and weakened homebuyer confidence. Chinese Minister of Housing and Urban-Rural Development Ni Hong emphasized the need to address the challenges in the property sector and focused on initiatives for affordable housing and urban renewal projects during a parliamentary meeting.