State-backed developers moving into Guangzhou

Hong Kong

CHINA'S state-backed developers are making unprecedented investments in Guangzhou, as the private firms that dominated the wealthy southern city for decades grapple with tight liquidity and Beijing's crackdown on corruption.

The waning fortunes of the "Guangzhou Five Tigers" - the city's big private developers - are giving state-owned enterprises the chance to muscle in on one of China's most prestigious property markets for the first time.