Economic news

China’s ‘whitelist’ projects get $495 billion loans by end-Nov

2024.12.14 01:11

BEIJING (Reuters) – The amount of loans approved for “whitelist” development projects across China has reached 3.6 trillion yuan ($494.80 billion) as of the end of November, Housing and Urban-rural Development Vice Minister Dong Jianguo said on Saturday.

At the same time, 3.24 million housing units have been delivered in China, significantly improving market expectations, according to Dong.

© Reuters. FILE PHOTO: Workers install windows for residential buildings under construction in Shanghai, China, October 10, 2022. REUTERS/Aly Song/File Photo

China’s local governments began compiling a “whitelist” of housing projects for loans earlier this year, giving troubled developers a lifeline to obtain funding for a sector that has beset the economy with stuttering growth.

($1 = 7.2756 )



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