Borrowers are wary of sending tax returns and paystubs and bank statements to a mortgage rep to secure preliminary mortgage approval, because they are not in the lender choosing phase of the process, all they want is a pre-approval letter.
The deal with Wanxiang Group, one of the largest auto components makers in China, is still preliminary and subject to numerous conditions, including approval by the Chinese government.
It simply means that developers have performed such preliminary duties as securing their financing agreements and completing their environmental impact analyses before they seek out regulatory approval.