Caixin
Apr 27, 2022 08:51 PM
BUSINESS

China’s Cautious Banks and Bad-Debt Managers Urged to Come to Real Estate’s Rescue

High-rise apartment buildings at China Evergrande Group's under-construction Riverside Palace development in Taicang, Jiangsu province on Sept. 24, 2021. Photo: VCG
High-rise apartment buildings at China Evergrande Group's under-construction Riverside Palace development in Taicang, Jiangsu province on Sept. 24, 2021. Photo: VCG

China’s financial regulators have instructed the country’s state-owned asset management companies (AMC) and nearly 20 banks to help out a dozen Chinese real estate developers that are having trouble paying their bills, including by purchasing their liabilities, market insiders told Caixin.

The instructions came as the real estate industry’s liquidity situation has deteriorated, with many builders struggling to refinance debt and pay creditors as homebuyers and investors stand on the sidelines of a slumping property market.

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