China’s private property developers continue to experience funding pressure amid weak internal funding from contracted sales, says Fitch Ratings. Funding assistance by authorities since late 2023 has also been hampered by a focus on the project level, rather than developers’ central operations, while state-backed developers are also struggling after several defaults and reports of difficulties in serving maturing debt. Local governments in almost all of China’s cities have submitted thousands of whitelisted projects, largely from non-state-owned developers, requesting that banks consider granting loans, as guided by ... (full story)