China will allocate 200 billion for housing construction, will it save the market?
2022.11.21 09:45
China will allocate 200 billion for housing construction, will it save the market?
Budrigannews.com – The deputy governor of the Chinese central bank, Pan Gongsheng, was quoted as saying on Monday by the state-run Economic Daily that the central bank will provide loans worth 200 billion yuan (27.92 billion dollars) to six commercial banks for the completion of housing projects.
Chinese specialists are looking for remarks from business banks on a substantial working arrangement for this strategy and will authoritatively present it in the close to term, Container said during a joint gathering between Individuals’ Chinese central bank and the China Banking and Protection Administrative Commission.
Pan was quoted as saying that the move aims to lessen the risk of property risk spillover, protect the legitimate rights and interests of homeowners, support housing demand among first-time buyers, and address the need to improve living conditions.
Pan said that major banks’ overseas branches should support offshore loans guaranteed by high-quality property companies more.
As part of a rescue package meant to increase property sector liquidity, Reuters reported that Chinese regulators had outlined 17 measures, including loan repayment extensions.
($1 = 7.3465 renminbi)
