Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
Chinese property developers trade higher on Monday, with an index tracking mainland-listed developers on a series of positive developments.
Yango Group is surging by the daily limit of 10% in Shenzhen after China Huarong Asset Management, one of China’s four largest state-owned distressed asset managers, said that it has recently signed a framework agreement with Yanggo Longking Group to restructure its debt. Yanggo Longking is the parent of cash-strapped developer Yango Group.
Greenland said on Monday that a subsidiary plans to borrow a combined 3 billion yuan from two state-owned shareholders.
The two-year loans, with an annual interest rate of 6 per cent, would help maintain ample liquidity, and help the company’s efforts to sure the smooth handing over of homes, it said.
The city of Zhengzhou, capital of Central China’s Henan province, announced on Sunday that a real estate fund worth up to 10 billion yuan ($1.47 billion) to leverage social funds and default mortgage risks, becoming the first Chinese city to set up such fund after homebuyers across a number of Chinese cities refused to make mortgage payments for unfinished projects. Read more …