China announced Thursday an increase in credits directed at his problems real estate market by the end of the year and help renovate a million houses, in his latest actions to boost his economy.
Housing Minister Ni Hong said at a press conference that there will be an “increase in the credit scale for projects on the white list to 4 trillion” yuan ($562 billion).
The whitelist is a tool by which cities recommend banks real estate projects be funded as a priority.
“The urban real estate financing mechanism should try to include all relevant projects in the white list,” said Ni.
he is Chinese real estate sector accounting for a quarter of gross domestic product (GDP), and had accelerated growth for two decades.
But in recent years its slowdown has affected the country’s GDP, at a time when the government aims for 5% growth by 2024.
Ni also announced that “one million old houses (…) will be renovated.”
“There are many safety risks and bad living environments in urban areas, and people are eager to modernize,” explained the minister.
2024-10-17 06:31:00
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