China drafts rules to ease property developers’ cash crunch

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China drafts rules to ease property developers’...
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China is drafting nationwide rules to make it easier for property developers to access funds from sales still held in escrow accounts in its latest move to ease a severe cash crunch in the sector, four people with knowledge of the matter said.

Regulatory curbs on borrowing have driven the sector into crisis, highlighted by China Evergrande Group (3333.HK) which was once China’s top-selling developer but is now the world’s most indebted property firm with liabilities of $300 billion.

The new rules would help developers meet debt obligations, pay suppliers and finance operations by...

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Article automatically added to our system on Wednesday, January 19, 2022

China drafts rules to ease property developers’ cash crunch

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Article Tags: #china   #drafts   #rules   #property   #developers   #crunch  

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