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By Clare Jim
HONG KONG (Reuters) - More distressed property developers in China have had projects added to local authorities' so-called whitelists, reflecting the rapid expansion of a government policy aimed at injecting liquidity into the crisis-hit sector.
Sunac China, Greenland, CIFI and SCE Group said local governments had listed some of their projects as being suitable for bank loans, following a similar announcement by Country Garden at the weekend.
Under the "project whitelist" mechanism launched on Jan. 26, governments of 35 cities are recommending to banks residential projects needing financial support, and are coordinating with financial institutions to meet projects' needs.
China's largest private property developer, Country Garden - which defaulted on $11 billion worth of offshore bonds late last year - on Saturday said more than 30 of its projects had been added to whitelists.
Sunac, which completed a $9 billion offshore debt restructuring last year, in a statement to Reuters on Monday said over 90 of its projects had been added to the first batch of whitelists of cities including Beijing, Tianjin, Chengdu and Chongqing.
"As the financing comes in place, the cashflow pressure of the development and operation of Sunac projects would be eased, which will further ensure the work of 'home delivery' in different cities," the developer said.
Greenland also on Monday said 34 of its projects, requiring 11.7 billion yuan ($1.63 billion) in financing, are on whitelists in provinces including Shandong, Sichuan and Yunnan.
Greenland, the first state-backed developer to extend offshore debt payments in 2022 amid the property debt crisis, said the additions highlight "strong support" of local authorities and financial institutions.
Also Shanghai-based CIFI, which is working on offshore debt restructuring, in a statement on Sunday said 18 of its projects have been added to whitelists in cities including Chongqing, Beijing, Tianjin and Wuhan.
Both Sunac and CIFI are privately owned developers and are among China's top 20 by sales value.
SCE, which defaulted on its $1.8 billion dollar bonds in October, said more than 10 projects with an aggregate financing need of 3 billion yuan are on the whitelists, local media reported on Monday, adding that it was seeking to raise a total of 10 billion yuan if it manages to get another 20 projects on the lists.
SCE could not be immediately reached for comment.
Shares of Hong Kong-listed Country Garden closed flat on Monday, erasing early gains of as much as 4.8%, while CIFI firmed 0.9%. Sunac and SCE ended 0.9% and 0.65% lower, respectively, and Greenland's Shanghai-listed shares fell 5.9%.