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China is set to expand a “white list” of housing projects eligible for financing to 4 trillion yuan, according to Minister of Housing and Urban-Rural Development Ni Hong. Additionally, there will be increased bank lending for such projects. Monetisation measures will be implemented for urbanisation projects, with a million villages included in the plans. These initiatives are part of efforts to stabilize the real estate sector, which faced a crisis in 2021 impacting the overall economy.
The “white list” initiative was introduced in January to ensure that developers could complete construction and deliver homes to buyers. As of the end of the third quarter, banks had approved financing for 5,392 projects totaling nearly 1.4 trillion yuan. Approved loans for these projects had reached 2.23 trillion yuan by mid-October.
Furthermore, the finance ministry announced measures to support the property sector, allowing local governments to use special bonds to purchase unsold homes and idle land. In late September, the Central bank also implemented measures such as reducing the minimum down payment ratio to 15% for all buyers.
($1 = 7.1161 renminbi)
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
