Jan 25, 2024 05:45 AM

FINANCE

China Expands Developers’ Loan Access for Debt Payments in Fresh Support

By Ding Feng and Han Wei

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China’s protracted property market downturn has become a major drag on the economy

China’s protracted property market downturn has become a major drag on the economy

China is taking another step to ease the liquidity crunch for developers by expanding their access to certain commercial loans for debt payments, as authorities increase efforts to bolster the ailing property sector that is holding the economy back.

Developers are now allowed to use bank loans pledged against commercial properties to repay other loans and bonds, according to a joint circular issued late Wednesday by the People’s Bank of China and the National Financial Regulatory Administration.

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