Local governments in some Chinese cities owe property developers 1 billion yuan ($137 million) to 2 billion yuan each in unpaid bills, according to a local media report, with pressure building on the authorities to pay their debt.
The outstanding amounts owed to the property firms include tax rebates and promised reimbursement of land sale fees, Economic Observer reported late Monday, citing unidentified executives at developers.
That came after developers urged local authorities in the past year to repay them to ease their liquidity crunch and ensure housing projects are completed, the report said. The Economic Observer said company representatives spoke out on the issue during recent roundtable conferences with authorities, including the housing ministry, the central bank and some governments in megacities.
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