State-owned Chinese developer Grandjoy Holdings Group Co Ltd said it has signed a 10 billion yuan ($1.57 billion)financing facility with China Merchants Bank to fund acquisitions in the country’s real estate sector.
State-owned property companies are set to acquire more assets from cash-strapped private developers as Beijing steps up efforts to stabilize and tighten control over a crisis-hit sector that accounts for a quarter of its economy.
These measures included urging banks to provide appropriate loans to developers, simplifying the process for issuing interbank notes and asset-backed securities, and not including merger and acquisition-related loans in the limits of the debt ratio of public enterprises.
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