Local governments across China have moved to cushion the blow of the coronavirus outbreak for highly indebted property developers which have been forced to freeze home sales during the crisis but still face $100bn in maturing bonds this year.
Officials in Shenzhen, Xi’an and a number of other large cities have told developers that they can delay payments on land and taxes in order to improve the companies’ cash flows, after more than 100 cities banned sales of new housing units as part of their efforts to stem the spread of the disease.
Restrictions on presales will also be loosened, allowing the developers to raise cash from homes that are not yet completed.
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