Chinese banks issue 17.86b yuan in loans to first batch of 'white-listed' real estate developers: report
Published: Feb 06, 2024 01:55 AM
Illustration: Chen Xia/Global Times

Illustration: Chen Xia/Global Times

In order to meet the reasonable financing needs of Chinese real estate developers, a total of 17.86 billion yuan ($2.51 billion) in loans has been issued to 83 real estate-related projects included on the "white list," Xinhua News Agency reported on Monday.

As China's Ministry of Housing and Urban-Rural Development and the National Financial Regulatory Administration pledged to build a city-centered financing coordination mechanism to support the real estate sector, a total of 170 cities in 26 provinces have established the mechanism as of the end of January.

According to the plan, 3,218 real estate-related projects have been included on the first batch of the "white list," and commercial banks have issued 17.86 billion yuan in loans to 83 projects on the list in 27 cities after examination.

Notably, 84 percent of the projects included in the first "white list" belong to private and mixed ownership developers, indicating that the policy support treats real estate developers of different ownership equally, as per the report.

Real estate developer Sunac China Holdings said on Monday that over 90 projects of the company in more than 20 cities, including Beijing, Tianjin, Chengdu in Southwest China's Sichuan Province, Chongqing, and others, have been included in the first "white list," according to the Chinese media outlet

Other developers such as Country Garden, Greenland, and the SCE Group also mentioned that part of their real estate projects has been put on the list.

Global Times