Reports from Chinese financial regulators or official government announcements

China to Build 1 Million Housing Units, Initiate Village Urbanization Projects, Expand Financing to 4 Trillion Yuan

Oct 17, 2024, 02:19 AM

China's Housing Minister Ni Hong announced plans to build an additional one million housing units to reduce housing stock and support the embattled real estate market. The initiative includes expanding financing for housing projects to 4 trillion yuan and allowing commercial banks to offer special loans. The plan also involves initiating one million village urbanization projects and adopting monetization measures. Special local government bonds will be issued to fund the extra units, and a balanced financial plan will be implemented to avoid new local debt risks. The Finance Regulator Deputy Director emphasized the need for optimizing loan allocation and ensuring loans are granted for white-listed projects. Approved loans have reached 2.23 trillion yuan since October 16, with a target of doubling this amount by the end of 2024.