PHOTO: REUTERS[BEIJING] Chinese developers stopped filing regular reports on their so-called “three red lines” as early as 2023, according to people familiar with the matter, after officials dialled back the stringent leverage metrics that exacerbated the nation’s unprecedented real estate meltdown. The move signals how dramatically Chinese authorities have changed their position on the real estate sector, once a major growth driver and now a long-term burden for the economy. “It’s not meaningful to keep implementing the ‘three red lines’ policy,” said Liu Shui, an analyst at China Index Holdings. A Bloomberg Intelligence gauge of Chinese developer stocks jumped as much as 10.9 per cent on Thursday, the biggest intraday gain since July. The pivot away from the three red lines won’t lead to improvements in developer fundraising, according to Liu.