CHINESE flags are seen near the logo of the China Evergrande Group on the Evergrande Center in Shanghai, China, Sept. 24, 2021. — REUTERS/ALY SONG
The new rules would help developers meet debt obligations, pay suppliers and finance operations by letting them use the funds in escrow that are currently controlled by municipal governments with no central oversight, the people said on condition of anonymity due to sensitivity of the matter. Guided by the cabinet-level Financial stability and Development Committee, the sector’s main regulator the Ministry of Housing and Urban-Rural Development and other authorities are drafting the new rules, three of the people said.
US dollar bonds issued by developers including Sunac and Country Garden also rose following the report. While some municipalities have eased withdrawal restrictions since late last year, one of the sources said that due to lack of nationwide rules on this front, local enforcement had already gone too far in several cities.
Nomura estimates that Chinese developers would need to meet onshore and offshore maturities of about 210 billion yuan each in the first two quarters of 2022, compared with 191 billion yuan in the last quarter of 2021.
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