The latest array of supportive measures aimed at improving Chinese property developers’ funding access and facilitating credit extension to troubled developers and projects can alleviate liquidity pressure if implemented successfully. However, a broad recovery in new-home sales remains the key for a sustained improvement in developers’ liquidity profiles, say Fitch Ratings. We expect no material improvement in the operating environment, as homebuyers’ confidence remains fragile amid weak economic prospects and uncertainty surrounding delivery of pre-sold properties. Fitch expects a 0%-5% year-on-year decline in ... (full story)