What deleveraging means to Chinese developers

China's property market is ripe for consolidation as the ongoing financial squeeze forces out smaller players.

Winter is coming so property developers in China have been warned as President Xi Jinping has tightened his grip on power and hardened official resolve to bring down the country's onerous stock of oustanding debt.

With Beijing seeking slow credit growth and restrict access to bank and other capital since late last year, the real estate sector is expected to enter what some industry executives dub a “winter of funding”.

Even so, it's not the end of the world for China’s developers, especially larger players, since many of them, both state-owned and private, have deep pockets after raising pots of capital by selling...

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