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China Asks Developers to Acquire Assets of Troubled Firms: News

CHINA PRESS
MNI (Singapore)

China’s regulators have met with large developers to encourage those in good standing to buy the assets of competitors in financial trouble, as a way to diffuse the risks in the real estate sector hard hit by regulatory tightening, the PBOC-run Financial News reported. The central bank and regulator CBIRC are also asking banks to push for the acquisitions of loans, and not to cut off funding to large developers facing risks and cash crunch, said the newspaper. China recently introduced a series of measures to ease tensions and restore normal real estate sales and financing, said the newspaper. Developers sold CNY47.3 billion bonds in November, up 55.6% from October, while individual mortgages rose for two months, it said.

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