China to expand financing for housing projects to 4 trln yuan, says housing minister

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2024.10.16 22:36

BEIJING (Reuters) – China will expand a “white list” of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion), Minister of Housing and Urban-Rural Development Ni Hong said on Thursday.

© Reuters. FILE PHOTO: A man rides a scooter past apartment highrises that are under construction near the new stadium in Zhengzhou, Henan province, China, January 19, 2019. REUTERS/Thomas Peter/File Photo

In January, China announced a plan for a “white list” of housing projects that can receive further financing, with the aim of helping to stabilise the embattled market and home buying sentiment. As of the of end of September, banks had approved 5,392 such projects, with financing reaching nearly 1.4 trillion yuan.

($1 = 7.1161 renminbi)

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