Cash-strapped Chinese property developers said a range of their housing projects has been listed as eligible for funding under the latest program to support the ailing sector, reports Caixin. Country Garden Holdings, which defaulted on a dollar bond late last year, said it has more than 30 projects listed by local authorities as suitable for financial support, adding that it hopes to join the lists of other provincial governments. Sunac China Holdings, which completed offshore bond restructuring months ago, said more than 90 of its developments have been included in whitelists by more than 20 city governments.
The flurry of activity comes three weeks after Beijing urged local authorities to draw up a list of projects eligible for funding. Policymakers want risk-averse banks to step up lending to the property sector, which saw credit growth slow to the weakest in more than a year last quarter, undermining developers’ ability to complete homes.
Local officials must “quickly and attentively study and suggest eligible projects, coordinate the distribution of loans and support financing needs with precision,” the housing ministry concluded in a late-January meeting with officials in 35 major cities.