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China’s Country Garden says over 30 projects have local government support

2024.02.03 10:02


© Reuters. FILE PHOTO: The firm brand of Chinese developer Country Garden is pictured on the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo

HONG KONG (Reuters) – Cash-strapped developer Country Garden mentioned on Saturday greater than 30 of its projects had been listed by Chinese local governments as appropriate for financing support, as authorities goal to inject liquidity into the crisis-hit sector.

China’s largest personal property developer mentioned in a press release to Reuters that its projects had been included on the so-called “white lists” of the provinces of Heinan, Hubei, Sichuan, Shandong and the municipality Chongqing. The developer, which defaulted on its offshore debt late final yr, hopes to enter the lists of Guangdong and Hunan provinces amongst others.

Country Garden mentioned the projects, after being added to the white lists, may obtain financing support, which might in flip helps ease the strain on its liquidity and make sure the completion of properties.

Reuters reported on Friday that China goals to ramp up financing for dwelling projects within the coming days as a part of its support measures for actual property corporations, however banks’ reluctance to lend to the sector will stay a significant impediment for the distressed builders that want contemporary funding essentially the most.

Under the “project white list” mechanism, governments of 35 cities throughout the nation are gearing as much as advocate to banks residential projects that want monetary support.

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