China plans to almost double credit support for “whitelist” housing projects to Rmb4tn ($562bn) as part of official efforts to reinvigorate its property sector and turn around the economy.
The whitelist was introduced in January and includes projects and developers eligible to receive further financing from local and state-owned banks to help them complete unfinished projects.
Approved loans for whitelisted projects so far this year total Rmb2.2tn, according to housing minister Ni Hong, who announced the move at a press conference in Beijing on Thursday. The new funds should be deployed by the end of the year, he said, enabling developers to finish construction. “We can definitely win this battle to ensure the delivery of housing,” Ni said.
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