Former Central Bank Chief Proposes to Allow Developers to Tap Insured Presale Funds

China’s former central bank governor Yi Gang has suggested creating a mechanism that would enable real estate developers to securely access nearly 1 trillion yuan ($139 billion) in presale funds, aimed at alleviating the liquidity crisis plaguing the sector.

Yi, who is now deputy head of the economic committee of the Chinese People’s Political Consultative Conference (CPPCC), made the proposal during the ongoing Two Sessions, the annual meetings of China’s national legislators and political advisers.