12:28 - 17.10.2024

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October 17, Fineko/abc.az. China will expand the "white list" of real estate projects and accelerate bank lending for unfinished properties to 4 trillion yuans ($561.8 billion) by the end of the year, ABC.AZ reports quoting Ni Hong, the Minister of Housing & Urban and Rural Development of China.

At a press conference held jointly with representatives of the Central Bank, the Ministry of Finance and the National Financial Regulatory Administration, it was announced that the total amount of approved loans has already reached 2.23 trillion yuans and will double by the end of 2024.

The "white list" program, launched in January, allows city authorities to recommend residential projects to banks for accelerated lending in order to guarantee completion of unfinished facilities and their delivery to buyers.

All commercial housing projects can now be included in the "white list", said Deputy Minister of Administration Xiao Yuanqi. He also stressed that banks should allocate funds faster and can issue loans in full, rather than in parts.

These measures are part of a new wave of government initiatives to support the economy, including the recent reduction in the required reserves for banks and the minimum down payment on loans for second homes.