Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Tesla Says Any Data It Collects in China Is Stored in the Nation
Medtech Startup StoneWise Raises $100 Million to Promote Use of AI in Drug Development
Plus Accelerates Uptake of its Autonomous Truck Tech with Italian IVECO Deal
Trending in China: Farmer Given Suspended Jail Time For Felling Own Trees – Social Media Chimes In
‘Tickets Please!’ Baidu Allowed to Charge for Robobus Service in Chongqing
Didi Reportedly Looking to List in U.S. as Soon as July
China’s NEV Sales Balloon in First Quarter on Strong Demand from Individual Consumers
Honor of Kings Beats PUBG Mobile as World’s Highest-Earning Mobile Game in March
Didi to Expand New Logistics Service From 8 to 19 Cities in China
China’s Li Auto Raises $750 Million Through Bond Sale to Fund Electric Car Development
Plant-Based Food Firm Beyond Meat to Open Plant Based in China
iFlyTek Hopes to Cash in on Pandemic Driven Demand for AI Services and Devices
Joint Alibaba and Russian Online Retailer AliExpress Plans IPO as Early as 2022: Report
Trending in China: ‘Easy to Buy, Hard to Redeem’ – Airline Pandemic Related Coupons Under Fire
Tesla Counters Spying Concerns Saying Car Cameras Not Activated Outside North America
Reinventing In-Car CB Radio or Cutting-Edge Tech? Clubhouse-Like Features Built into Xpeng Cars
Smart Projector and Laser TV Startup Xgimi Predicts Big Profits
Trending in China: Speculators or Trading Apps — Who’s to Blame for $7,000 Sneakers?
Nio and Xpeng Both Set Quarterly Records But Still Lag Behind Tesla
Call of Duty Mobile Developer Outplays Games Publisher as Timi Studio Earns More Than Activision Blizzard
Hundreds of Property Developers Filed Bankruptcy in 2019, Raising Concerns of Homebuyers Losing Out

By Lin Wenhui, Wang Jing and Guo Yingzhe / Dec 18, 2019 02:07 PM / Economy

Photo: VCG

Photo: VCG

More property developers filed for bankruptcy in 2019 than 2018 amid sluggish economic growth and tightening regulatory control over the market. Concerned bankruptcies could lead to an increase in unfinished homes, and homebuyers who bought off-plans losing out, some local governments have begun to implement specific measures.

As of Nov. 27, 459 real estate companies had filed for bankruptcy this year, which is slightly more than the 458 bankruptcy filings seen in the whole of 2018, according to data calculated by property market research institute China Real Estate Information based on public court records.

Some local governments have begun to tighten the regulations governing the funds that property developers take from the sale of off-plan homes. The government of the northwestern city of Xi'an has announced possible new regulations to order all funds that property buyers, including homebuyers, pay for off-plan real estate to be deposited in special accounts which are subject to regulatory oversight, according to a draft regulation issued last week by the city’s housing and urban-rural development bureau for public consultation.

Li Yujia, the chief researcher of a housing policy research institution in Guangdong province, said the move by Xi'an is to prevent homes from being unfinished due to a breakdown of developers’ fund chain.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

Related: Home-Price Growth in China Slowest in Almost Two Years


Share this article
Open WeChat and scan the QR code