China's developers shrug off virus impact

China's top developers are prising open their war chests to snap up land this year as local governments sell more prime real estate to boost revenues and smaller, distressed property firms look to offload assets as the coronavirus takes a toll. Despite some analysts' warnings that an economic recovery could take longer than expected, many major property companies said at recent earnings conferences that they planned to ramp up spending thanks to a faster-than-expected home sales rebound in the first quarter and more abundant liquidity. Others said they would maintain purchasing levels on a par with last year as they were confident demand for housing will remain intact in the long run.