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For months, Sweden's government has sought to play down a property crisis that has throttled confidence in the Nordic state, repeating a simple message: While some companies are in trouble, the country is not. Now Heimstaden Bostad, a $30 billion property investor with swathes of homes from Stockholm to Berlin, is grappling with a multibillion dollar funding crunch, which has rebounded on one of its owners - the country's biggest pension fund. That undoubtedly raises the stakes for Sweden, the European nation hardest hit by a global property rout triggered by the steep rise in interest rates last year that abruptly ended a decade of virtually free money.

City ofUnited kingdomAndreas cervenkaChiara eliseiKarolina ekholmHeimstaden bostadJohan ahlanderMarcus gustavssonMarie mannesJohn odonnellSimon johnsonGreta rosen fondahnNiklas wykmanDavid perezChristian dreyerHeimstaden dreyer