China Vows to Speed Up Delayed Housing With Special Loans

The more than year-long slump in the housing market has continued to drag on the economy

(Bloomberg) — China’s central bank vowed to expand a special lending program if needed to ensure the delivery of delayed housing projects and called on banks to provide financing support.

China will roll out city-specific property policies to support demand, implement special loans dedicated to ensuring property completion and increase their magnitude within reason, the People’s Bank of China (PBOC) said in a statement Thursday. The statement summarized the decisions of the quarterly meeting of the monetary policy committee Sept. 23 chaired by PBOC Governor Yi Gang.