Top Regulator Presses Local Governments to Fund Housing Projects

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Li made the remark during a trip to the southwest province of Guizhou this week

What’s new: Li Yunze, head of the National Financial Regulatory Administration (NFRA), urged local authorities to implement supportive policies to fund new home construction while applying strict scrutiny to projects eligible for aid.

Li made the remark during a trip to the southwest province of Guizhou this week, according to the administration’s website. Li emphasized that cities should adopt tailored housing policies based on local conditions and called on local governments, property developers and financial institutions to work together to ensure the delivery of residential projects.

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Li Yunze of the NFRA urged local authorities to fund new home construction with strict scrutiny during his visit to Guizhou.
The NFRA pledged support for Guizhou by addressing real estate risks, managing local debt, and reforming small financial institutions.
Chinese banks approved 935 billion yuan ($129 billion) in loans for real estate projects as of May 16.

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