HONG KONG : China is drafting nationwide rules to make it easier for property developers to access pre-sale funds held in escrow accounts, in its latest move to ease a severe cash crunch in the embattled sector, four people with knowledge of the matter said.
"An abrupt clampdown on escrow accounts by local authorities after Evergrande's crash choked liquidity for some good-quality names. A correction by the central government is much needed," said Nan Li, associate professor of finance at Shanghai Jiao Tong University. The property sector accounts for about a quarter of China's economy, the world's second-largest after the United States.
While some governments have eased withdrawal restrictions since late last year, one of the sources said 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 around 210 billion yuan each in the first two quarters of 2022, versus 191 billion yuan in the last quarter of 2021.
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