China to boost credit for property market

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China Notícia

To,Boost,Credit

BEIJING — China said Thursday it would boost the credit available to the ailing property market by the end of the year and help renovate a million homes as unveiled its latest measures to shore up the struggling sector.

Beijing will 'increase the credit scale of white-list projects to 4 trillion' yuan by the end of the year, Housing Minister Ni Hong said at a briefing in the Chinese capital.'The urban real estate financing coordination mechanism should strive to include all eligible real-estate projects in the white list,' Ni said.China's teetering property sector has long accounted for around a quarter of gross domestic product and experienced dazzling growth for two decades.

But a yearslong housing slump has battered growth as the country's leadership eyes a target of around 5 percent this year an objective analysts say is optimistic given the many headwinds the economy faces.At Thursday's briefing, Ni offered fresh help for the ailing sector.'An additional one million worn-out homes... will be renovated,' he said.'There are many safety hazards and poor living environments in urban villages, and people are eager to renovate,' he explained.

 

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