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EXTERNAL NEWS

The Pilot Project Of Guarantee Insurance For Qingdao City’s Construction Industry Produces Initial Results
31 May, 2019

In order to effectively solve the problem that it takes too much deposits in the construction industry that results in shortage in working capital in construction companies, since October 2018, the Municipal Housing and Urban-Rural Development Bureau has taken the lead in launching the pilot guarantee insurance project for the industry in the city. It carried out 5 types of insurances including construction project quality defect warranty, construction project owner payment, construction project bid, construction project contract performance, and migrant workers’ wages to replace the various types of deposits. Up to now, the city has carried out 2,366 transactions of various types of guarantee insurances, and saved corporate funds by RMB 1.73 billion, effectively alleviating the financial pressure on construction enterprises.

Source: http://sjw.qingdao.gov.cn/n28356047/n32561134/n32561154/190531133258785432.html

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