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Sòng bài online(www.84vng.com):China may ease ‘three red lines’ property rules in big shift

时间:3周前   阅读:4

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Beijing may allow some property firms to add more leverage by easing borrowing caps, and push back the grace period for meeting debt targets set by the policy, sources say. — Reuters

CHINA is planning to relax restrictions on developer borrowing, dialling back the stringent “three red lines” policy that exacerbated one of the biggest real estate meltdowns in the country’s history.

Beijing may allow some property firms to add more leverage by easing borrowing caps, and push back the grace period for meeting debt targets set by the policy, according to people familiar with the matter.

The deadline could be extended by at least six months from the original June 30 date, the people said.

The easing could mark the most dramatic shift in China’s real estate policy, adding to a clutch of measures issued since November to bolster the battered sector that accounts for about a quarter of the nation’s economy.

The offshore yuan extended gains following the news, with the currency gaining as much as 0.4% to 6.8615 per dollar. The Australian dollar and Korea won also extended advance amid risk-on sentiment.

An index of China high-yield dollar bonds dominated by developers jumped nearly 1.9% yesterday, the highest since May last year.

The so-called “three red lines” metrics, that emerged in 2020, were the hallmark of a massive property crackdown by Beijing as it sought to reduce developers’ leverage, lower risk in the financial sector and make homes more affordable as part of President Xi Jinping’s common prosperity push.

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The measures, which imposed strict debt and cash-flow targets on real estate firms, choked off liquidity for the highest-leveraged developers, contributing to the avalanche of defaults and construction halts that sparked mortgage boycotts and plunged sales across the nation.

With access to credit markets largely closed, developers have defaulted on more than 140 bonds in 2022, according to data compiled by Bloomberg.

Overall, developers missed payments on a combined US$50bil (RM220bil) in domestic and global debt based on issuance amount.

China Evergrande Group, once the country’s biggest developer and a poster child for the property crackdown, was labelled a defaulter in December 2021 after it missed payments on several bonds. Others followed suit, including Kaisa Group Holdings Ltd and Sunac China Holdings Ltd.

The defaults crushed what was once the most active and lucrative high-yield bond market in the world.

Fears of further contagion meantime weakened consumer confidence and roiled global investors who had long assumed the government would bail out the real estate titans.

The crisis spooked buyers, driving home sales down by the most in at least two decades, while home prices declined for 15 straight months.

After almost two years of housing market pain, Beijing is changing its stance. Under the new proposal, China will ease restrictions on debt growth for developers depending on how many red lines they meet, the people said, asking not to be identified discussing a private matter.

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