Chinese city eases rules for developers amid cash crunch

A debt crackdown by Beijing has left many developers unable to complete or sell properties, making it harder for them to meet their debt obligationsBEIJING - The Chinese city of Chengdu has announced measures to make it easier for developers to sell properties, making it the first to loosen restrictions on the sector that has come under intense pressure following a debt crackdown by Beijing.

That left them struggling to meet their debt obligations owing to the fact they could not offload properties or borrow more cash. The move makes the capital of Sichuan province the first to address problems developers are facing, as officials face growing pressure to take control of a crisis some fear could hammer the crucial property sector.

The crisis has been brought into stark relief by the struggles at Evergrande, which is drowning of a sea of debt worth $300 billion and facing collapse, a situation many fear could spill into the wider Chinese economy and possibly globally.Another developer, Kaisa Group, announced a plan to put back the repayment timeline for some of its bonds, offering an exchange for at least $380 million of notes to avoid a potential default.

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