Caixin
Sep 19, 2022 07:39 PM
BUSINESS

Distressed Chinese Developers Scramble for a Piece of $28.5 Billion Industry Bailout

On July 14, Zhengzhou, Henan Province, construction of a residential building was stopped. Photo: IC Photo
On July 14, Zhengzhou, Henan Province, construction of a residential building was stopped. Photo: IC Photo

China’s distressed property firms are scrambling for a share of a 200 billion yuan ($28.5 billion) government loan program, as industry insiders predict the cash won’t be enough to restart all the projects affected by the sector’s liquidity crunch.

The loan program planned by the central government aims to help developers resume construction of apartments that have already been bought but are unfinished due to an industrywide shortage of funds.

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