How easy credit from shadow banks has begun to haunt Indian realty sector

The regulator for housing-finance firms has allowed an accumulation of illiquid long-term assets with liquid short-term liabilities

Five months. That’s how long it takes Country Garden Holdings Co. to start selling apartments after acquiring land. A spate of fatal accidents forced the Chinese builder to slow things down a notch last year, but the pace of construction may pick up again when robots start plastering the walls. 

The pressure to finish comes from the markets: Of the $14.6 billion the builder has to pay creditors between now and 2021, as much as 86 percent is return of principal. It has to give back that money (plus interest) and borrow afresh. Keeping up this live-wire act is how Country