China has started “Project Whitelist”, which allows city governments in China to recommend residential projects to banks for financial support. Launched recently, the initiative has been embraced by 276 cities across 31 provinces, proposing about 6,000 real estate projects for consideration. By February 28, commercial banks had approved loans exceeding 200 billion yuan ($27.81 billion) for eligible ventures. The mechanism aims to coordinate financing efforts between city authorities and financial institutions to meet project requirements and boost the housing market. It signifies a concerted effort to stabilize and support China’s property sector amid economic challenges.
China’s housing and financial overseers have called for cities at the prefecture level and higher to set up a financing coordination system by March 15 to aid the challenged real estate industry. According to China Real Estate Business, a newspaper affiliated with the Chinese housing ministry, financial institutions must ensure loans are not misused and protect the integrity of credit funds.
Introduced in the previous month, “Project Whitelist” enables city administrations to endorse residential ventures to banks for financial assistance and to collaborate with financial entities to fulfill project requirements. According to the newspaper, as of February 28, 276 cities across 31 provinces have established these mechanisms, proposing approximately 6,000 real estate projects. Commercial banks have sanctioned loans exceeding 200 billion yuan ($27.81 billion) for qualifying projects.
China’s ‘Project Whitelist’ initiative facilitates city governments in recommending residential projects to banks for financial backing, aiming to revitalize the country’s struggling real estate sector. Launched recently, it has garnered participation from 276 cities across 31 provinces, proposing around 6,000 real estate projects. By February 28, commercial banks had approved loans exceeding 200 billion yuan ($27.81 billion) for eligible ventures. The program fosters collaboration between city administrations and financial institutions to address project needs and stimulate the housing market, showcasing a concerted effort to stabilize and support China’s property sector amidst economic headwinds.
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