BEIJING, Oct. 9 (Xinhua) — China will expand its “whitelist” mechanism to ensure that all eligible real estate projects have access to financial support.
Financial institutions are required to provide timely loans to eligible real estate projects and meet their reasonable financing needs, it was learned from a meeting held recently by the Ministry of Housing and Urban and Rural Development and the National Financial Regulation Administration.
Participants in the meeting also emphasized the need to ensure the delivery of housing projects, while calling on local authorities to “take vigorous and effective measures to stabilize the real estate market and stem the decline prices.”
Ensuring the delivery of housing projects is an important task in promoting the stable and healthy development of the real estate market. This is a concrete action that respects the people-centered development philosophy and responds to public concerns. It is also a solid measure to prevent and resolve risks in the real estate sector, as well as promote market stabilization and recovery.
As part of the “white list” mechanism put in place at the end of January, local authorities recommend to financial institutions real estate projects eligible for financial support.
This mechanism is part of China’s efforts to stabilize this sector affected by debt problems, and to strengthen confidence in an industry representing nearly 6% of the country’s GDP, according to the State Bureau of Statistics.■
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