HONG KONG: China is drafting nationwide rules to make it easier for property developers to access pre-sale funds held in escrow accounts, in its latest move to ease a severe cash crunch in the embattled sector, four people with knowledge of the matter said.
Years of regulatory curbs on borrowing via typical channels has plunged the sector into a deep crisis, highlighted last year by the troubles at China Evergrande Group - once the country's top-selling developer and now the world's most indebted property company with $300 billion in liabilities.
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