Investing
China’s Country Garden says over 30 projects have local government support
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/LYNXNPEC180BO_L.jpg)
© Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
HONG KONG (Reuters) – Cash-strapped developer Country Garden said on Saturday more than 30 of its projects had been listed by Chinese local governments as suitable for financing support, as authorities aim to inject liquidity into the crisis-hit sector.
China’s largest private property developer said in a statement to Reuters that its projects were included on the so-called “white lists” of the provinces of Heinan, Hubei, Sichuan, Shandong and the municipality Chongqing. The developer, which defaulted on its offshore debt late last year, hopes to enter the lists of Guangdong and Hunan provinces among others.
Country Garden said the projects, after being added to the white lists, could receive financing support, which would in turn helps ease the pressure on its liquidity and ensure the completion of homes.
Reuters reported on Friday that China aims to ramp up financing for home projects in the coming days as part of its support measures for real estate firms, but banks’ reluctance to lend to the sector will remain a major obstacle for the distressed developers that need fresh funding the most.
Under the “project white list” mechanism, governments of 35 cities across the country are gearing up to recommend to banks residential projects that need financial support.
Read the full article here
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/pf-logo.png)
-
Personal Finance5 days ago
Americans reveal their biggest financial regret about potential retirement
-
Investing6 days ago
Israel stocks lower at close of trade; TA 35 down 0.88% By Investing.com
-
Side Hustles6 days ago
5 Key Strategies for Attracting and Retaining Top Talent
-
Passive Income4 days ago
5 Ways to Push Past Your Comfort Zone
-
Make Money6 days ago
A Labor Day Salute to You — the American Worker
-
Personal Finance6 days ago
Fed interest rate cuts won't help your credit card debt
-
Passive Income6 days ago
Work Smarter with 12 Months of Microsoft 365 for Just $45
-
Side Hustles5 days ago
Don’t Wait to Fire That Toxic Client — It’s Vital For Your Business Health