China debt crunchPrevious debt restructuring fails to ease cash flow pressuresA worker stands outside a construction site of China's Aoyuan Group in Hong Kong in November 2021. The country's property developers embarked on a wave of debt restructuring deals after the market slipped into a crisis that year. © ReutersWATARU SUZUKIJuly 13, 2026 14:21 JSTSHANGHAI -- Chinese private property developers that have restructured their debt are facing a fresh liquidity squeeze this year as the property market downturn continues to strain their finances.