Announcing the new surveillance rules in January, the National Development and Reform Commission (NDRC) said in a statement that it was moving to “regulate the implementation of projects and the use of funding”.
The rules are part of the Chinese government’s efforts to ensure that “funds being used to prop up struggling property developers are being used for their intended purposes,” Ben Harburg from investment firm MSA Capital told the BBC.
However, David Goodman, a professor of Chinese politics at The University of Sydney, said that he does not see the new rules as “creepy, though there is an element of desperation,” from the authorities to oversee state-sponsored projects.
The severe problems engulfing China’s property market were highlighted this week as a court in Hong Kong ordered the liquidation of debt-laden developer Evergrande.
Earlier this year, China’s housing ministry announced plans to offer more bailout loans to developers “in view of the current financing difficulties of some real estate projects”.
Beijing has previously sought to temper public concerns as people have taken to Chinese social media sites such as Weibo to share their frustrations about developers.
The original article contains 862 words, the summary contains 186 words. Saved 78%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Announcing the new surveillance rules in January, the National Development and Reform Commission (NDRC) said in a statement that it was moving to “regulate the implementation of projects and the use of funding”.
The rules are part of the Chinese government’s efforts to ensure that “funds being used to prop up struggling property developers are being used for their intended purposes,” Ben Harburg from investment firm MSA Capital told the BBC.
However, David Goodman, a professor of Chinese politics at The University of Sydney, said that he does not see the new rules as “creepy, though there is an element of desperation,” from the authorities to oversee state-sponsored projects.
The severe problems engulfing China’s property market were highlighted this week as a court in Hong Kong ordered the liquidation of debt-laden developer Evergrande.
Earlier this year, China’s housing ministry announced plans to offer more bailout loans to developers “in view of the current financing difficulties of some real estate projects”.
Beijing has previously sought to temper public concerns as people have taken to Chinese social media sites such as Weibo to share their frustrations about developers.
The original article contains 862 words, the summary contains 186 words. Saved 78%. I’m a bot and I’m open source!