Caixin
Apr 29, 2022 08:49 PM
BUSINESS

Politburo Urges Local Governments to Loosen Grip on Developers’ Pre-Sales Revenue

Local governments are also likely to relax restrictions on home buying and mortgage applications in future. Photo: VCG
Local governments are also likely to relax restrictions on home buying and mortgage applications in future. Photo: VCG

Top Communist Party decision-makers have called on local governments to loosen their grip on how developers use revenue from property pre-sales, as part of efforts to stabilize the real estate market and the broader economy.

It comes as housing sales have continued to dwindle in the wake of the liquidity crunch which hit developers late last year, even as some regions have already begun to ease the strict policies which helped to set off the crisis.

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