Aug 18, 2022 02:55 AM

BUSINESS

China Tries Debt Guarantees to Help Developers Borrow Money

By Chen Bo and Denise Jia

Longfor Group plans to sell as much as $221 million of notes in August.

Longfor Group plans to sell as much as $221 million of notes in August.

China’s regulators asked a state-owned credit support provider to put up financing guarantees for certain developers as part of efforts to shore up a real estate industry that’s mired in a liquidity crisis amid slumping housing sales.

Six developers selected for the pilot program are Longfor Group Holdings Ltd., Gemdale Corp., Country Garden Holdings, Cifi Group, Seazen Holdings Co. and Sino-Ocean Group Holding Ltd., Caixin confirmed with several sources.

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