Caixin
Nov 15, 2022 05:33 AM
ECONOMY

China Regulators Roll Out Property Rescue for Embattled Developers

The 16-point plan encourages financial institutions to set “reasonable” down payment ratios and interest rates to support demand for mortgages.
The 16-point plan encourages financial institutions to set “reasonable” down payment ratios and interest rates to support demand for mortgages.

Two of China’s top regulators are encouraging financial institutions to provide more support for the country’s troubled real estate sector, calling on them to help developers extend or swap their debts, according to a notice dated Friday.

The notice, released by the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC), sends a stronger signal of government support for the struggling real estate industry because the two agencies are more senior than other authorities that have announced detailed supportive measures, a banking source who declined to be identified told Caixin.

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