China's property developers could come under greater scrutiny for flouting environmental laws, as Beijing steps up efforts to reinforce rules, says one fund manager.
China's environmental protection laws are not entirely new, said Kong. However, as the country steps up efforts to ensure implementation, companies that don't abide by the rules strictly are "getting the type of scrutiny that they deserve," she added.
From a long-term perspective, the property sector still has lots of growth. It is such an important sector for the overall GDP of China.Evergrande also said Tuesday it "will continue to actively maintain communication with creditors, strive to resolve risks and safeguard the legitimate rights and interests of all parties."Evergrande default "is highly likely" since the company is no longer able to sell new homes.
Despite the company's troubles, Kong remains bullish on China's overall property sector for the long-term. "If you look at where China is in terms of urbanization rates, it just reached the 60% mark," she said, adding it is still far below the U.S and Japan. "So from a long-term perspective, the property sector still has lots of growth. It is such an important sector for the overall GDP of China," Kong added.
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