China generates 1.4 trillion yuan in funding for 'white list' property endeavors
According to the National Financial Regulatory Administration on Wednesday, China's commercial banks have greenlit 5,392 real estate "white list" projects, securing financing of almost 1.4 trillion yuan ($196.2 billion).
TroibNews 
According to the National Financial Regulatory Administration (NFRA), China's commercial banks have financed nearly 1.4 trillion yuan ($196.2 billion) across 5,392 approved real estate "white list" projects.
Earlier this year, China's Ministry of Housing and Urban-Rural Development together with the General Administration of Financial Supervision released guidelines for a new urban real estate financing coordination mechanism. Following approval from China's State Council in June, both entities announced measures to enhance the effectiveness of "white list" projects, aiming to satisfy the financing needs of real estate projects and ensuring timely housing delivery.
Liao Yuanyuan, the director of the Statistics and Risk Surveillance Department at the NFRA, noted that "white list" projects that comply with the criteria received prompt financial backing, which safeguarded the rights of buyers and stabilized the real estate scene.
Liao further revealed that from the start of the year, the balance of real estate development loans rose by over 400 billion yuan, the balance of operating property loans by 19%, and merger and acquisition loans by 21%.
Additionally, from January to July, banks disbursed 3.1 trillion yuan in new personal housing loans, firmly supporting the housing needs of residents.
Moving forward, Liao mentioned that the Financial Supervision Administration intends to collaborate with various departments to ensure the continued responsibility sharing among local governments, real estate firms, and financial institutions, steering them towards supporting a stable and thriving real estate market.
(Cover via CFP)
Sophie Wagner for TROIB News
Earlier this year, China's Ministry of Housing and Urban-Rural Development together with the General Administration of Financial Supervision released guidelines for a new urban real estate financing coordination mechanism. Following approval from China's State Council in June, both entities announced measures to enhance the effectiveness of "white list" projects, aiming to satisfy the financing needs of real estate projects and ensuring timely housing delivery.
Liao Yuanyuan, the director of the Statistics and Risk Surveillance Department at the NFRA, noted that "white list" projects that comply with the criteria received prompt financial backing, which safeguarded the rights of buyers and stabilized the real estate scene.
Liao further revealed that from the start of the year, the balance of real estate development loans rose by over 400 billion yuan, the balance of operating property loans by 19%, and merger and acquisition loans by 21%.
Additionally, from January to July, banks disbursed 3.1 trillion yuan in new personal housing loans, firmly supporting the housing needs of residents.
Moving forward, Liao mentioned that the Financial Supervision Administration intends to collaborate with various departments to ensure the continued responsibility sharing among local governments, real estate firms, and financial institutions, steering them towards supporting a stable and thriving real estate market.
(Cover via CFP)
Sophie Wagner for TROIB News
