China to Provide 200 Billion Yuan Loans to Commercial Banks for Housing Completion | WKZO | All Kalamazoo

BEIJING (Reuters) – China’s central bank will provide 200 billion yuan ($27.92 billion) in loans to six commercial banks for housing completions, central bank deputy governor Pan Gongsheng said on Monday. quoted by the Economic Daily.

Chinese authorities are seeking comments from commercial banks on a concrete operational plan for the policy and will officially introduce it in the short term, Pan said at a joint meeting between the People’s Bank of China and the China Securities Regulatory Commission. banks and insurance.

The move aims to reduce the risk of real estate risk spreading, protect landlords’ legitimate rights and interests, support housing demand among first-time buyers and the need to improve current living conditions, Mr. Bang.

Pan added that overseas branches of major banks should increase their support for onshore guarantees of offshore loans by high-quality real estate companies.

Last week, Reuters reported that Chinese regulators had outlined 16 measures, including loan repayment extensions, as part of a rescue package aimed at boosting liquidity in the property sector.

($1 = 7.1638 Chinese yuan renminbi)

(Reporting by Ella Cao, Liangping Gao and Twinnie Siu, Editing by Louise Heavens and Mark Heinrich)

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