Officials: China real estate recovering from debt crackdown

A Chinese central bank official says the country's vast real estate industry is recovering from a slump triggered by tighter debt controls. Those controls led to a wave of defaults by developers that rattled global financial markets. The official, Pan Gongsheng, mentioned Evergrande Group, the global real estate industry's most heavily indebted developer. But he gave no update on government-supervised efforts to restructure its $310 billion in debt. Pan said market confidence is recovering and financing for healthier companies is improving. China's economic growth slid in mid-2021 after regulators who worry debt levels are dangerously high blocked Evergrande and others with high debt loads from borrowing more money.