BEIJING — China’s actual property hunch has sucked in each banks and provincial governments, threatening a much bigger affect on the world’s second-largest financial system.

Defaults have soared over the previous 12 months after property builders’ debt-fueled progress mannequin lurched into reverse. Together with delayed funds, 99 defaults on home debt occurred within the yr via Aug. 8, 2.2 instances as many as a yr earlier, in accordance with Shanghai-based Wind Info.

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