The magnates’ moves stand in contrast with counterparts overseas, where the concept of limited liability generally shields owners’ personal wealth from creditors’ claims. Now, with China’s home sales and prices falling, banks growing reluctant to lend, and yields in the offshore bond market soaring, many developers are counting on their founders as a last resort. The efforts underscore how the liquidity crisis is more desperate than previous squeezes, when real estate firms were able to reap cash from sales blitzes or by offloading trophy assets.
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