At the beginning of the third decade of February 2024, a mechanism for coordination of real estate financing in 214 cities covering 29 provinces was introduced in China. This initiative, which is part of the country's efforts to promote the sustainable development of the real estate market.
The Ministry of Housing, City and Rural Construction of China reported the publication of "White Lists", which defined 5349 real estate projects that are entitled to financial support. These lists were sent to commercial banks.
According to the ministry, currently 162 projects in 57 cities have received bank financing totaling ¥ 29.43 billion (approximately $ 4.14 billion).
Local governments and financial institutions are actively implementing such coordination mechanisms. According to China Bank, China Building Bank, China Agricultural Bank, China Postal and Savings Bank and some other banks, loans worth ¥ 123.6 billion were approved for the projects included in the lists.
In January this year, China announced a plan for creating a mechanism for coordinating funding for the real estate sector in order to meet the legitimate needs of financing the projects of this sector and to support a stable and healthy growth of the country's real estate market.
