Developers
face
a
growing
shortfall
in
income
from
the
government’s
inability
to
pay
out
the
renewable-energy
subsidy.
In
addition,
they
are
seeing
declining
incomes
from
the
UN
Clean
Development
Mechanism,
as
carbon
prices
hit
record
lows
before
the
programme
is
reviewed
next
year.
Lower
incomes
come
on
top
of
poor
returns
from
projects
hit
by
grid
curtailments
as
well
as
higher
costs
of
financing.
Interest
rates
rose
in
2010-11,
just
as
China’s
big
developers
needed
millions
of
yuan
in
upfront
cash
to
build
projects,
according
to
analysts.
“Lots
of
companies
have
relatively
small
operating
bases…
