Wednesday, January 19, 2022
 
Columnist
Martin Hennecke

Chengdu eases access to presale funds
 
25/11/2021
 
<p>Chengdu&#39;s local authorities have raised the upper limit of presale funds that developers can use to a maximum of 95 percent in a fresh sign that China is making moves to ease the financial pressures on its embattled developers.</p><p>The local regulator also pledged to speed up the approval for using such funds for developers, according to the notice released by the Chengdu Municipal Housing and Urban-Rural Development Bureau yesterday.</p><p>Apart from pre-sale funds, the bureau plans to coordinate with financial institutions to increase the scale of real estate loans and speed up issuance of loans.</p><p>Meanwhile, Beijing&#39;s municipal government has proposed a new rule that will allow it to adopt measures such as limiting rental increases if housing rents increase significantly or is seen likely to increase significantly.</p><p>This came as Vice Premier Liu He, China&#39;s top economic policy official, vowed to stick to curbs on the housing market under the slogan of &quot;houses are for living in, not for speculation,&quot; in an article published by the ruling Communist Party&#39;s flagship newspaper, the People&#39;s Daily.</p><p>Officials should &quot;focus on stabilizing land prices, house prices, and stabilize expectations,&quot; in order to &quot;solve household&#39;s housing problems and promote the healthy development of real-estate companies,&quot; Liu said in a broad essay on economic development and the recent Party resolution on history.</p><p>Beijing&#39;s curbs on financing to the property sector have been the main driver of a slowdown in the economy, with housing sales, house prices and new construction all falling in recent months.</p>

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