After the luxury towers' developer did not respond to a request from the city to step in, the money will go to fence off the towers, provide security and remove graffiti on the towers.
The move stands in contrast with counterparts overseas, where the concept of limited liability generally protects personal wealth from creditors’ claims.
China s billionaires use their own funds to save property developers bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Chinese Developer Languang Development Slips on Bond Default morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.