Land sales, which make up a dominant portion of provincial government revenue, have fallen 30% in the past year.
The loss of confidence in China's property sector could feed into a contagion that would further drag down the Chinese economy, analysts warned.failed to deliver a promised $300 billion restructuring plan over the weekend.
In filings with the Hong Kong stock exchange, Evergrande instead said it had "preliminary principles'' in place for the restructuring of its offshore debts. It also said one of its subsidiaries, for failing to honor its debt obligations. "For the government, the priority is to break the negative feedback loop that features the high leverage ratio and the liquidity crunch on the part of the developers," Shuang Ding, Standard Chartered chief economist for Greater China and North Asia, told CNBC's "Street Signs Asia."
"That leads to a mortgage boycott and very low appetite on the part of the homebuyer, and that goes back to the developer because low sales affect its liquidity."
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