At least for one Chinese real estate developer, Zhejiang Xingrun Real Estate, the party is over. I'm not sure what to make of the company's demise but I think this might be a bigger issue than the Chaori bankruptcy. The Chinese real-estate market is surely larger than the solar energy market, with greater asset values and greater liabilities. From the Sydney Morning Herald:
A Chinese real estate developer with more than half a billion dollars in debt has collapsed and its largest shareholder detained in what could be a further sign of financial stress in the world's second largest economy.
The Zhejiang Xingrun Real Estate Co, which is based in wealthier eastern China, did not have sufficient cash to repay 3.5 billion yuan ($625 million) of debt to creditors, including more than 15 banks, Chinese officials reportedly told local and international media.
The collapse of the company, based in the eastern town of Fenghua, has put investors on edge as it adds to concern of strains in the nation's real estate sector and comes less than two weeks after the first bond default by a Chinese company.