Our Privacy Statement & Cookie Policy

By continuing to browse our site you agree to our use of cookies, revised Privacy Policy and Terms of Use. You can change your cookie settings through your browser.

I agree

Chinese vice premier urges expansion of property support mechanism

Translating...

Content is automatically generated by Microsoft Azure Translator Text API. CGTN is not responsible for any of the translations.

People view the layout of commercial housing at a sales office, Taiyuan City, north China's Shanxi Province, June 21, 2024. /CFP
People view the layout of commercial housing at a sales office, Taiyuan City, north China's Shanxi Province, June 21, 2024. /CFP

People view the layout of commercial housing at a sales office, Taiyuan City, north China's Shanxi Province, June 21, 2024. /CFP

Chinese Vice Premier He Lifeng emphasized the importance of ensuring timely home deliveries and increasing loans for real estate projects under the "white list" mechanism, aiming to stabilize the housing market.

During a recent investigation and research trip in north China's Taiyuan and Xi'an cities, He, a member of the Political Bureau of the Communist Party of China Central Committee, highlighted that the property market serves as a barometer for the broader economy. He stressed that a robust real estate sector is vital for sustained economic recovery and for protecting the interests of the people.

In January, China announced a plan to create a "white list" mechanism for the real estate sector. This mechanism refers to the process by which local governments select a list of high-quality real estate projects and submit it to various commercial banks. Each bank then decides whether to provide financial support, including credit, debt and equity financing, based on specific conditions and criteria.

He urged maximizing the effectiveness of these financial coordination mechanisms and accelerating the resolution of problematic projects to meet "white list" criteria. He called on financial institutions to enhance the efficiency of credit approvals and loan disbursements.

To ensure quality and timely delivery of homes, the vice premier advocated for expanding the range of property projects eligible for support, including all qualifying commercial housing projects currently under construction and sold. He also underscored the need to secure funding for ongoing project construction.

Additionally, He called for advancing the acquisition of existing commercial housing for use as affordable housing and stressed the effective implementation of the affordable housing re-lending policy to help reduce inventory in the commercial housing market.

He also visited large supermarkets in Taiyuan and key foreign trade enterprises in Xi'an to gather insights on trade-in programs for consumer goods and the export situation of enterprises.

(With input from Xinhua)

Search Trends