The cash-to-short-term-debt ratio is one of the three pillars of the "Three Red Lines" regulatory framework which was instituted with the goal to deleverage the real estate industry.
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Property developers with a cash-to-short-term-debt ratio below one in China in 2020
As of ***, all of the Chinese property developers that had received a triple C rating from S&P Global Ratings did not have a cash-to-short-term-debt ratio below ***. Having a sufficient amount of cash is part of the "Three Red Lines" regulation that aims at guaranteeing real estate companies to fulfill their current liabilities. The regulation should reduce the overleveraging of the industry, but as of ****, only half of China's ** largest developers have complied with the "Three Red Lines" requirements.
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UBS. (January 11, 2021). Share of rated property developers with a cash-to-short-term-debt ratio below one in China in November 2020, by rating category [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 05, 2026, from /statistics/1269711/china-share-of-rated-property-developers-with-a-cash-to-short-term-debt-ratio-below-one-by-rating/
UBS. "Share of rated property developers with a cash-to-short-term-debt ratio below one in China in November 2020, by rating category." Chart. January 11, 2021. ÌÇÐÄÆƽâ°æ. Accessed August 05, 2026. /statistics/1269711/china-share-of-rated-property-developers-with-a-cash-to-short-term-debt-ratio-below-one-by-rating/
UBS. (2021). Share of rated property developers with a cash-to-short-term-debt ratio below one in China in November 2020, by rating category. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 05, 2026. /statistics/1269711/china-share-of-rated-property-developers-with-a-cash-to-short-term-debt-ratio-below-one-by-rating/
UBS. "Share of Rated Property Developers with a Cash-to-short-term-debt Ratio below One in China in November 2020, by Rating Category." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 11 Jan 2021, /statistics/1269711/china-share-of-rated-property-developers-with-a-cash-to-short-term-debt-ratio-below-one-by-rating/
UBS, Share of rated property developers with a cash-to-short-term-debt ratio below one in China in November 2020, by rating category ÌÇÐÄÆƽâ°æ, /statistics/1269711/china-share-of-rated-property-developers-with-a-cash-to-short-term-debt-ratio-below-one-by-rating/ (last visited August 05, 2026)
Share of rated property developers with a cash-to-short-term-debt ratio below one in China in November 2020, by rating category [Graph], UBS, January 11, 2021. [Online]. Available: /statistics/1269711/china-share-of-rated-property-developers-with-a-cash-to-short-term-debt-ratio-below-one-by-rating/
