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—More distressed property developers in China have had projects added to local authorities’ so-called whitelists, reflecting the rapid expansion of a government policy aimed at injecting liquidity into the crisis-hit sector.
Sunac China, Greenland and CIFI said local governments had listed some of their projects as being suitable for bank loans, following a similar announcement by Country Garden at the weekend.
Under the “project whitelist” mechanism launched on Jan. 26, governments of 35 cities are recommending to banks residential projects needing financial support, and are coordinating with financial institutions to meet projects’ needs.
China’s largest private property developer, Country Garden – which defaulted on $11 billion worth of offshore bonds late last year – on Saturday said more than 30 of its projects had been added to whitelists.
