The idea that China can borrow indefinitely in order to prop up growth simply doesn't wash, Bloomberg View reported in an analysis. In a new report on the world's growing debt glut, McKinsey highlights three huge risks: unsustainably high government borrowing, households in over their heads and China. The mainland earns its singular position because of another trio of concerns: too much debt concentrated in real estate; the scale and complexity of its shadow-banking entities; and rampant off-balance sheet borrowing by local governments.

China’s tax officials plan to step up efforts to collect taxes from multinational corporation in the latest of a series of moves in the last year, mostly against Western companies. The activities have included police raids on the headquarters of companies’ China operations and heavy fines under antimonopoly law, the International New York Times reported. The State Administration of Taxation said that it would be looking in detail at how companies move money and allocate costs among their Chinese operations and their overseas businesses.

Beijing may have decided the slowing economy doesn’t require a nationwide stimulus campaign as yet, but that doesn’t mean individual provinces aren’t trying anyway, The Wall Street Journal China Real Time Report blog reported. According to data published by the People’s Bank of China on Tuesday, total social financing – the central bank’s broad measure of total outstanding credit in the economy – in chilly northeastern Heilongjiang province rose by 110.9 billion yuan ($18.1 billion) between the end of September and the end of the December.

The property developer Kaisa Group said on Monday that its chief executive had resigned — another blow to the embattled company that may become the first Chinese home developer to default on foreign bonds, the International New York Times reported. The company said its chief, Jin Zhigang, had stepped down “to devote more time to his personal career development” and would continue as executive director. It added that there had been no disagreement with the board.

Embattled Chinese property developer Kaisa Group, which sold some of its Shanghai assets at the weekend, said on Monday its chief executive officer has resigned, Reuters reported. The company said in a stock exchange notice that Jin Zhigang had quit "to devote more time to his personal career development" and would continue as executive director. It added that there had been no disagreement with the board.

Bonds of troubled China property developer Kaisa Group jumped by as much as four points after rival Sunac China Holdings, which has been named in media reports as a potential buyer of its assets, announced a trading suspension, Reuters reported. Kaisa is struggling after a string of senior executives left unexpectedly, authorities blocked sales at some of its projects in Shenzhen late last year and it missed a coupon payment on one of its bonds. Since these troubles began last month, Kaisa's bonds have lost as much as two-thirds of their value.

Chinese property developer Kaisa Group has appointed financial adviser Houlihan Lokey to formulate a plan that will be agreeable to all its creditors as the indebted company struggles with the risk of defaulting on its credit. The company failed earlier this month to make a $26 million interest payment on its bonds due to mature in 2020, and now has until Feb. 9 to pay that coupon or else become the first Chinese real estate firm to default on its offshore debt. Kaisa is grappling with a series of departures after some senior executives left unexpectedly.

Troubled Chinese property developer Kaisa Group failed to remove a local government block on sales at its Shenzhen projects during talks with public officials on Monday, a company source familiar with the discussions said. Kaisa's top executives held a high-level meeting with senior Shenzhen government officials on Monday afternoon in the Longgang district in northern Shenzhen, where two of Kaisa's new projects are blocked, according to the source. "There was no progress at all in the meeting," the Kaisa executive said.

Offshore bond sales by mainland property developers have stalled in January as rising investor fears of a flurry of debt defaults have junked one of the usually busiest months of the year for real estate issuance, South China Morning Post reported. With an estimated US$10 billion in offshore debt falling due for repayment this year and next, a bad January bodes ill for the ability of developers to refinance huge foreign borrowings.

Troubled Chinese property firm Kaisa Group is talking to banks and rival developers about selling its assets as the company scrambles to raise cash, according to people with knowledge of the matter. A number of developers have approached the company about possibly buying some of its holdings, said one person. "Banks, developers, Shenzhen government want this to happen," said another. The Wall Street Journal reported on Friday that developers speaking to Kaisa include China Vanke and Shenzhen Overseas Chinese Town. Shenzhen Overseas and China Vanke could not be reached for comment.