A reader of British or Springer media could be forgiven for concluding that China’s entire residential real estate sector is going up in flames, with bankruptcies more numerous than Russian President Putin’s fatal illnesses. But the “leader” in major real estate bankruptcies is Germany. Here’s a list of insolvency and bankruptcy filings of major developers in the sector in 2023, courtesy of Wolf Richter’s “Wolf Street” website on Oct. 16:
Development Partners, Düsseldorf, specializing in office construction;
Gerch Group, Düsseldorf, with €4 billion in construction projects;
Euroboden, Munich, developer of housing projects;
Project Immobilien Group, with some 60 big projects all over Germany;
Centrum Group.
And perhaps coming soon, Vonovia, the biggest residential property developer, which just took a €4 billion write-down of its properties and does not have any new projects started in 2023.
