![\"China](\"https:\/\/static.toiimg.com\/thumb\/msid-133594311,imgsize-1822318,width-400,height-225,resizemode-4\/china-property-crisis.jpg\" "\\"File")
<\/div>\n<\/div>\n<\/div>\nChina on Friday unveiled a series of measures aimed at reducing property developers’ reliance on funds collected from homebuyers before projects are completed, as Beijing seeks to curb risks and restore confidence in its crisis-hit real estate sector.Under new guidelines issued by China’s central bank and financial regulator, a homebuyer\u2019s mortgage will be issued only after a housing project has been completed.Another set of guidelines requires local governments to promote the sale of completed homes to \u201cfundamentally prevent delivery risks\u201d, according to Reuters.<\/p>\n China’s property developers have for decades relied on a pre-sale model, selling homes before they were ready for delivery to fund debt-fuelled and high-turnover operations.However, the model came under scrutiny after construction at some presold projects stalled following the property market meltdown in 2021, which drained developers’ cash and triggered protests by homebuyers.The new policies could help address buyers’ concerns about stalled projects, according to Zhang Dawei, an analyst at Centaline Property.The measures suggest that policymakers \u201cunderstand the urgency to stabilise the property sector\u201d, Zhiwei Zhang, president and chief economist of Pinpoint Asset Management, told Reuters.State news agency Xinhua, citing unnamed officials, said the old housing sales system, which relies mainly on pre-sales and rapid turnover, was no longer suitable.<\/p>\n The new measures also seek to make financial institutions more responsible for project financing.Guidelines issued by the People’s Bank of China and the National Financial Regulatory Administration require each housing project\u2019s financing to be linked to a lead bank. The bank will monitor project funds and either provide or organise loans.The measures also extend the maximum term for personal mortgage loans to 40 years from 30 years.Separate draft measures issued by the financial regulator reiterated the central government’s call for financial institutions to meet property developers’ \u201creasonable financing needs\u201d and urged trust firms to treat private and state-owned developers equally while providing financing.China’s securities regulator also pledged support for developers’ financing, including through refinancing, mergers and reorganisation.<\/p>\n China’s property sector entered a prolonged downturn after a government campaign to curb developers’ heavy borrowing triggered a liquidity crunch.More than five years into the slump, home prices are still falling, while property investment continues to decline.Some stalled projects also remain unfinished after developers, including former industry leader China Evergrande, defaulted on their borrowings amid tighter financing rules and falling home prices.Jeff Zhang, an equity analyst at Morningstar, said the policies would likely favour larger developers with healthy liquidity, as they would face less pressure to quickly recover cash from projects.Centaline Property’s Zhang Dawei said smaller developers with limited cash reserves could be more likely to exit the market or change their business models as the pre-sale model is phased out.<\/div>\n File photo: A general view shows a construction site of residential apartment blocks in Beijing, China (Picture credit: Reuters) China on Friday unveiled a series of measures aimed at reducing property developers’ reliance on funds collected from homebuyers before projects are completed, as Beijing seeks to curb risks and restore confidence in its crisis-hit real 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photo: A general view shows a construction site of residential apartment blocks in Beijing, China (Picture credit: Reuters) China on Friday unveiled a series of measures aimed at reducing property developers’ reliance on funds collected from homebuyers before projects are completed, as Beijing seeks to curb risks and restore confidence in its crisis-hit real […]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 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only after project completion<\/b><\/h2>\n<\/p>\n
Banks to take greater role in project financing<\/b><\/h2>\n<\/p>\n
Property crisis continues to weigh on economy<\/b><\/h2>\n<\/p>\n
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