The impact of China’s latest property-led downturn is beginning to be felt further afield, with a flurry of firms looking to scale-back their operations in the country.
UK engineering giant Arup announced it is shedding staff in China following the news that Evergrande was filing for bankruptcy protection in the US and Country Garden had missed debt payments.
The mounting crisis at Evergrande spooked markets on Friday, coming after months of concerns about a pending collapse in China’s vast property sector.
Official data on Tuesday showed new construction starts were down by 24.5% year-on-year in the January-July period. The amount being invested in Chinese property plunged by 8.5%.
