China's State-owned Assets Supervision and Administration Commission (SASAC) has instructed approximately 20 centrally controlled state-owned developers to avoid defaulting on publicly issued debt.
This directive is the latest measure taken by Chinese authorities to address the country's prolonged and significant property market crisis.
The move aims to prevent further instability in the financial sector and maintain confidence in the country's economy. The long-term effects of this policy on the property market remain to be seen.
The new directive is part of the SASAC's performance metrics for these state-owned developers. The sources of this information remain anonymous due to the sensitive nature of the matter.
China has introduced a requirement for state-owned developers to avoid defaulting on publicly issued debt, in the latest attempt by authorities to contain the nation’s prolonged property crisis.
The State-owned Assets Supervision and Administration Commission added the directive to its latest performance metrics for about 20 developers that are controlled by the central government, people with knowledge of the matter said, asking not to be identified discussing a private matter.
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