Having ignited an implosion in their property sector last year, China’s authorities now appear to be doing anything and everything they can to put a floor under it.
The central authorities are planning to give developers’ access to funds from pre-sales that have been held in escrow pending completion of the developments.
Suppliers, apartment buyers with deposits tried up in escrow accounts and property investors have also been affected, although the authorities have prioritised their protection. Holders of offshore bonds in other major developers have had similar experiences and are equally concerned that the authorities will protect their own constituents in any debt restructurings while disregarding the rights of foreign creditors.
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