A residential real estate project is under construction in Hefei City, Anhui Province. Chen Sanhu/for China Daily
BEIJING – China will expand its “whitelist” mechanism to ensure all eligible real estate projects receive financial support.
According to a recent meeting held by the Ministry of Housing and Urban-Rural Development and the National Financial Supervisory Administration, financial institutions are required to provide loans to eligible real estate projects in a timely manner and meet reasonable financial needs.
The meeting also stressed the need to ensure housing deliveries, calling on local authorities to “take strong and effective measures to stabilize the property market and prevent price declines”.
Reliable delivery of housing is an important issue for the stable and healthy development of the real estate market. This is concrete action that adheres to a people-centered development philosophy and responds to the concerns of the people. The meeting said this is also a strong measure to prevent and resolve real estate risks and promote market stabilization and recovery.
Based on the “white list” system launched in late January, local governments recommend real estate projects eligible for financial support to financial institutions.
The mechanism is part of China’s efforts to stabilize debt-burdened industries and boost confidence in an industry that accounts for nearly 6% of gross domestic product, the National Bureau of Statistics said. .
