Chinese property executives ask regulators for ‘appropriate loosening’ of restrictions – report

imageStock Markets2 hours ago (Oct 16, 2021 11:20)

© Reuters. FILE PHOTO: A man rides a scooter past apartment highrises that are under construction near the new stadium in Zhengzhou, Henan province, China, January 19, 2019. Picture taken January 19, 2019. REUTERS/Thomas Peter

SHANGHAI (Reuters) – Representatives from 10 Chinese property companies met government regulators to ask for an “appropriate loosening” on policy restrictions, financial news outlet Yicai reported late on Friday.

In the meeting, senior executives urged authorities to loosen regulations with the goals of stabilizing market expectations, providing support for genuine home buyers rather than speculators and making adjustments in land prices, Yicai reported, citing unnamed people in attendance.

The meeting was attended by senior executives from developers including China Vanke Co Ltd and Sunac Holdings, along with the Director of the Real Estate Department of the Ministry of Housing and Urban-Rural Development and the Director of the China Real Estate Association (CREA), Yicai reported.

A number of Chinese property firms are facing a liquidity crunch amid weak demand and tightening regulations. Property firms have been affected by loan caps imposed by the government in order to contain rampant borrowing.

The potential collapse of highly indebted real estate firms such as China Evergrande Group has rattled markets and raised concerns about systemic risks to the broader economy.

Chinese property executives ask regulators for ‘appropriate loosening’ of restrictions – report

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