Banks have yet to feel any severity from non-performing debt stemming from their property builder clients.

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One recent example is Chinese property builder Kaisa Group Holdings Ltd.

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Some big French stocks that would likely benefit: building materials giants Saint-Gobain and Legrand, and builder and property developer Bouygues.

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These days over half of his Equity International portfolio is invested there in businesses like retail property company BR Mall and home builder Gafisa (NYSE:GFA).

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This applies if you paid off a lien placed against your property by material suppliers because of debts owed by a builder or contractor, and you made the payment so as to avoid foreclosure and loss of your property.

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