China's Top Villa Developer Asks Staff to Speed Up Cash Inflow
- Greentown asks to quicken cash inflow ‘on all fronts’: Memo
- Regulators have escalated scrutiny, restricted access to funds
Photographer: Xu jingbai/Getty Images
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China’s top high-end developer Greentown China Holdings asked its staff to accelerate cash inflows “on all fronts” and speed up sales, according to memos seen by Bloomberg, amid escalating regulatory scrutiny of the sector.
The Hangzhou-based builder urged faster sales, redoubled efforts to collect accounts receivable and called for strict control over payments, according to the memos. Moves to speed up sales include shifting those originally scheduled in 2019 to this year, provided the projects are unhindered by pre-sales pricing restrictions.