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China allocates $8 billion to real estate projects
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Economy News - follow up
Chinese government-owned banks have allocated at least 60 billion yuan ($8 billion) to lend to real estate projects eligible for support.
The move came after Beijing urged local authorities last month to better support developers' financing needs and draft lists of eligible projects to boost lending to the troubled housing market.
Credit growth slowed in the fourth quarter of 2023 to its weakest levels in more than a year, limiting developers' ability to complete home construction.
New home sales also witnessed a decline last month of 34% on an annual basis.
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Added 02/19/2024 - 11:53 AM
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Economy News - follow up
Chinese government-owned banks have allocated at least 60 billion yuan ($8 billion) to lend to real estate projects eligible for support.
The move came after Beijing urged local authorities last month to better support developers' financing needs and draft lists of eligible projects to boost lending to the troubled housing market.
Credit growth slowed in the fourth quarter of 2023 to its weakest levels in more than a year, limiting developers' ability to complete home construction.
New home sales also witnessed a decline last month of 34% on an annual basis.
Views 49
Added 02/19/2024 - 11:53 AM
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