China to boost financing for approved housing projects to $560 billion to counter property slump
China has announced it will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion), seeking to reverse a slump in the property industry
HONG KONG (AP) — China will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion), officials said Thursday in Beijing's latest moves to reverse a slump in the property industry.
Minister of Housing and Urban-Rural Development Ni Hong said during a news conference Thursday in Beijing that measures will also be taken to redevelop 1 million urban villages across the country. Ni stopped short of elaborating on the scale of the funding for the redevelopment.
He said that the housing market had “bottomed out” after three years, with October data showing a spike in property sales.
The government has been redoubling efforts in recent weeks to stabilize the real estate market after a downturn triggered by a crackdown on excess borrowing. Once a bright spot in China’s economy, the property market has since become a drag.
