Beijing. China will expand the “white list” of housing projects eligible for financing and increase bank loans for such projects to 4 trillion yuan ($562 billion) this year, Ni Hong, Minister of Housing and Development, announced Thursday. Urban and Rural Development.
Urban renewal of cities will also accelerate, with one million “urban villages” to be included in such plans, Ni said at a news conference, adding that resettled people will help absorb existing housing inventories.
The promises of more financing for real estate developers with liquidity and redevelopment problems are part of a series of measures announced in recent weeks with the aim of stabilizing a sector that entered into crisis in 2021, dragging down the general growth of the second economy world.
““You can say that the real estate market has begun to hit rock bottom,” Ni told reporters. Since last year, China has implemented incremental policies to boost homebuyer confidence amid concerns about the persistent decline in housing prices, the timeliness of home delivery by developers and the situation of their own jobs and income in a fragile economy.
No official estimates have been published on the number of pre-sold but unfinished homes. According to a Nomura report published in January, there were 20 million units sold but not yet built.
According to Ni, 2.46 million new homes have been delivered since May. In January, China announced a “white list” plan for projects that can receive funding.lie to ensure that developers can finish construction and deliver homes to buyers. Until this summer, banks had approved five thousand 392 projects of this type, with a financinglie of almost 1.4 billion yuan.
Loans approved for “white list” projects had amounted to 2.23 trillion yuan as of Oct. 16, he said at the press conference. he deputy director of the State Administration of Financial Regulation, Xiao Yuanqi.
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