Shenzhen Relaxes Regulations for Builders to Counteract Plummeting Home Sales

The Housing and Construction Bureau in Shenzhen allowed showrooms to reopen and relaxed financing requirements for developers to help home builders in the city. New home sales in Shenzhen dropped to 839 units in February, down from 2,813 in January and 4,861 in December. Efforts to curb price speculation last year coupled with the shutdown of public showrooms due to the coronavirus has pushed many developers towards bankruptcy. Through the first two months of 2020, 100 property firms have filed for bankruptcy compared with 500 total in 2019. Across mainland China, sales for the nations top 100 developers fell 38% in February.