(Xinhua) China pushes for reform in real estate sales system https://t.co/3v2TRaeHZN https://t.co/XnfGoM5Zju
(Xinhua) Chinese banks approve 1.4 trillion yuan in financing support for "white list" property projects https://t.co/rvRw8Qmj8v https://t.co/V5RIIZFaxo
China pledges to speed up property buying https://t.co/9yOkP1lq57
China's commercial banks have approved 5,392 'white list' projects in the real estate sector, with a financing volume reaching 1.4 trillion yuan (approximately $196.33 billion), according to the National Financial Regulatory Administration. This substantial financial support is part of China's broader efforts to stabilize its real estate industry amid liquidity challenges faced by developers. The assets of financial institutions in China's banking sector grew 7 percent year on year to 423.8 trillion yuan (about $59.43 trillion) at the end of July, reflecting the sector's overall growth. Additionally, China is advancing reforms in its real estate sector by promoting the sale of properties upon completion, signaling a shift from the traditional pre-sale model. This move is expected to help reduce inventories and improve new supplies, contributing to the gradual stabilization of the real estate market.
