The Chinese mainland is set to implement a series of new measures aimed at stabilizing its real estate market, according to Ni Hong, minister of Housing and Urban-Rural Development. Speaking at a press conference in Beijing on Thursday, Ni outlined the government’s plans to bolster the property sector.
Boosting Housing Renovations
The government will increase support for urban village and dilapidated housing renovation projects. An additional 1 million housing units are slated for renovation, with monetary compensation provided to residents to facilitate these improvements.
Enhancing Financing through the White List Mechanism
All eligible real estate projects will be included in the \"white list\" mechanism, ensuring that their financing needs are adequately met through loans. As of October 16, loans approved for white list real estate projects have reached 2.23 trillion yuan (approximately $313.11 billion).
Deputy head of the National Financial Regulatory Administration, Xiao Yuanqi, indicated that the approved loan amount for white list projects is expected to double to over four trillion yuan by the end of the year, further strengthening the sector’s financial foundation.
These measures are part of a broader strategy to revitalize the property market, promote sustainable urban development, and ensure economic stability across the Chinese mainland.
Reference(s):
China introduces incremental policies to develop real estate market
cgtn.com
