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Greentown China says reported mandates for quicker cash inflows 'normal'

Greentown China Holdings Ltd. told Bloomberg News in an email that its request for staff to quicken cash inflows and speed up sales is a "normal move" that it does every six months.

The luxury homes developer made the comment after the news agency reported on its operational cash flow management memos, which called for faster sales, redoubling of efforts to collect accounts receivable and strict control over payments.

In a July 2 report, Bloomberg noted that the Chinese company's mandate came as regulatory scrutiny for China's property sector is intensified through the implementation of new rules that, among other things, will further restrict funding to the industry.