BEIJING : China's central bank on Monday extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector, with current supports for the sector failing to gain traction and markets expecting more stimulus to be rolled out soon.
The extended policies encourage financial institutions and property firms to negotiate independently, and actively support property developers through the rollover of existing loans and the adjustment of repayment arrangements, the People's Bank of China said in a statement. Separately, loans issued to support the delivery of unfinished projects before the end of 2024 will not be downgraded in risk classification during the loan term, the central bank said.
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