China Adds 1 Million Units, Expands Financing to 4 Trillion Yuan, Supporting 4.5 Million Young People

Oct 17, 2024, 02:30 AM

China's Housing Minister, Ni Hong, announced at a press conference on Thursday plans to bolster the country's property market by adding an additional 1 million housing units through urban village and dilapidated housing renovations. Surveys indicate that 35 major cities require renovations for 1.7 million units. The government will expand the financing for "white list" housing projects to 4 trillion yuan ($562 billion) by the end of 2024, aiming to include all eligible real estate projects to boost market stability. White list approved loans have reached 2.23 trillion yuan since October 16. Commercial banks are encouraged to fully utilize loans on the white list, and special loans will be extended to support these projects. The minister emphasized that the property market is beginning to bottom out after a three-year decline and expressed confidence in stabilizing the sector. Additionally, the government intends to provide affordable housing to support young people, with 4.5 million young people expected to live in affordable housing by the end of 2024. Local governments are allowed to issue special bonds to fund the additional units, and cities will make their own decisions on property restrictions based on economic situations and local property market conditions.