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On 2 July 2018, China's Ministry of Housing & Urban-Rural Development (MOHURD) published its Consultation Paper in Respect of Accelerating & Advancing a Framework for Construction Project Guarantees...
On 2 July 2018, China's Ministry of Housing &
Urban-Rural Development (MOHURD) published its Consultation
Paper in Respect of Accelerating & Advancing a Framework for
Construction Project Guarantees (Consultation Paper). The
Consultation Paper recommends that by 2020, at least 30% of all
construction projects are secured by way of various forms of
'Guarantee Letters', rather than by the current
predominance of various cash security instruments. For these
purposes, Guarantee Letters can include bank guarantees, project
guaranty company guarantees and surety-bonds issued by authorised
insurers.
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