A statue of Mao Zedong overlooks new residential buildings sprouting in Yan'an of Shaanxi Province. According to the Institute of Economic Research of Renmin University of China, the capital chain for Chinese property developers continues to worsen, with 136 listed developers in China having 986.51 billion yuan-worth (US$152.60 billion) of unsold properties as of the end of the first quarter, up 40 percent year-on-year.