Developers in Foshan, a city in southern China's Guangdong province, can now start selling their new homes before fully repaying their development mortgages to banks.
The new policy is a government initiative to address sales challenges encountered by housing projects acquired by the government from troubled developers, according to a banker, speaking anonymously. As certain real estate companies have defaulted on development loans or become insolvent, banks refuse to allow mortgage releases, which results in unsold properties.
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