Shenzhen Sets Up Platform to Help Cash-Strapped Developers Finish Stalled Projects, Sources Say

A bailout platform set up by the Shenzhen government has been helping cash-strapped property developers, including China Evergrande Group and Kaisa Group Holdings Ltd., complete stalled local construction projects in a bid to jumpstart the flagging industry, sources with knowledge of the matter told Caixin.

The platform, Shenzhen Anju Jianye Investment Operation Co. Ltd., is owned by four state-owned or state-backed companies including property giant China Vanke Co. Ltd. and is part of a real estate bailout task force set up by the city government in early 2022, according to the sources.