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China rental company s shares have cratered 76% this year as the shine of debt-fueled growth fades

China rental company s shares have cratered 76% this year as the shine of debt-fueled growth fades CNBC 12/17/2020 Arjun Kharpal New York-listed Phoenix Tree Holdings, which owns Danke, has seen its share price collapse more than 76% since its IPO in January. The company leases properties from landlords on a long-term basis and then rents them to other people. But most Danke renters pay a year s worth of rent upfront by taking out a loan which has caused problems. © Provided by CNBC The app of Danke Apartment is displayed on the screen of a mobile phone on November 18, 2020 in Yichang, Hubei Province of China. (Photo by/VCG via Getty Images)

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