Jan 26, 2024 06:25 AM

FINANCE

Financial Regulator Vows to Boost Lending Support to Developers

By Zhu Liangtao and Han Wei

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Chinese banks extended 3 trillion yuan ($423 billion) in property development loans and 6.4 trillion-yuan mortgage loans in 2023

Chinese banks extended 3 trillion yuan ($423 billion) in property development loans and 6.4 trillion-yuan mortgage loans in 2023

China’s leading financial regulatory body is stepping up efforts to support the property sector and steer financial institutions to meet the financing needs of real estate companies, a senior official said.

The priority is to help implement a financing mechanism and work with city governments to recommend property projects eligible for support to financial institutions, said Xiao Yuanqi, a deputy director of National Financial Regulatory Administration (NFRA) at a Thursday press briefing.

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