The delays in legal approval and project development since late 2022 had led to weak sales and profits for the property developers in Q1/2024. However, with interest rates remaining low and project approvals increasing since late 2023, we anticipate a mild improvement in developer sales and cash flows over the next 12-18 months as new projects are launched. Nonetheless, access to new financing from banks and/or the bond market is crucial to managing the high leverage and significant debt obligations coming due.
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