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<img src='https://news.cgtn.com/news/2024-01-26/China-s-financial-regulator-gears-up-support-for-property-sector-1qGtXy6MweY/img/4bbef0fbaf7c419bae7bd52a00ab8ce7/4bbef0fbaf7c419bae7bd52a00ab8ce7.png' alt='View of a housing compound in south China's Guangdong Province, February 17, 2023. /CFP'
China’s financial regulators emphasized their commitment to supporting the stable and healthy development of the real estate sector through targeted financing for real estate projects at a meeting held on Friday.
The meeting was held amid the implementation of a new real estate financing coordination mechanism, announced by the Ministry of Housing and Urban-Rural Development and the National Financial Regulatory Administration (NFRA) earlier this month, that aims to streamline and improve financing solutions for the industry.
Regulators from the NFRA said on Friday that the coordination mechanism should give full play to the leading and coordinating role of local governments and strengthen work coordination.
Based on comprehensive assessments of real estate projects and their developers, the mechanism is expected to generate lists of projects eligible for financing assistance.
Financing approval processes will be expedited for projects that are making smooth progress and have sufficient collateral, reasonable liabilities and guaranteed repayment sources, per the plan.
For projects that are experiencing temporary difficulties but maintaining a basic fund balance, the mechanism will prevent the hasty withdrawal, suspension and withholding of loans. It will provide support by means of loan extensions, rescheduled repayments and the issuance of new loans.
(With input from Xinhua)
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