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China Allows Property Developers To Access Some Pre-sale Funds

CHINA PRESS
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Real estate developers will be allowed to make use of some pre-sale housing funds held in escrow accounts in exchange for permission to sell residential projects before completion, the latest step to resolve the liquidity crunch confronting developers, the 21st Century Business Herald reported citing a statement published by China Banking and Insurance Regulatory Commission on its website. Developers can apply to commercial banks for a letter of guarantee to withdraw certain percentages of pre-sale funds from escrow accounts, and the funds obtained shall be prioritised to construct projects and repay debts, but banned from land acquisition, new investment or repaying loans by shareholders, the statement said.

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Real estate developers will be allowed to make use of some pre-sale housing funds held in escrow accounts in exchange for permission to sell residential projects before completion, the latest step to resolve the liquidity crunch confronting developers, the 21st Century Business Herald reported citing a statement published by China Banking and Insurance Regulatory Commission on its website. Developers can apply to commercial banks for a letter of guarantee to withdraw certain percentages of pre-sale funds from escrow accounts, and the funds obtained shall be prioritised to construct projects and repay debts, but banned from land acquisition, new investment or repaying loans by shareholders, the statement said.