China is drafting nationwide rules to make it easier for property developers to access funds from sales still held in escrow accounts in its latest move to ease a severe cash crunch in the sector, four people with knowledge of the matter said.Regulatory curbs on borrowing have driven the sector into crisis, highlighted by China Evergrande Group which was once China’s top-selling developer but is now the world’s most indebted property firm with liabilities of US$300 billion.The new rules would…
Source : South China Morning Post
Read more…China drafts rules to give property developers more access to escrow funds to ease industry’s cash crunch, sources say
