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China unveils $562 billion financing to revive slumping property market | Zen Soo

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HONG KONG—China will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion), officials said Thursday in Beijing’s latest moves to reverse a slump in the property industry.

HONG KONG—China will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan , officials said Thursday in Beijing’s latest moves to reverse a slump in the property industry.

He said that the housing market had “bottomed out” after three years, with October data showing a spike in property sales. On Saturday, authorities announced that they would allow local governments to use funds from unallocated government bond quotas and to raise debt ceilings to help prop up the property market.

In January, officials announced a list of housing projects that would be eligible for financing. Loans for such projects had reached 2.23 trillion yuan as of Wednesday, said Xiao Yuanqi, deputy director of the National Financial Regulatory Administration.

 

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