China increases housing project financing to $562 billion to stabilize property market
Summary: China will increase financing for approved housing projects to 4 trillion yuan ($562 billion) to address a decline in the property sector. This move aims to stabilize the market after a crackdown on excessive borrowing.
The government plans to redevelop 1 million urban villages and has recently allowed local governments to access unallocated bond funds. Additionally, mortgage rates for individual borrowers were cut by 0.5 percentage points.
Previously, a list of eligible housing projects was announced, with loans reaching 2.23 trillion yuan ($313 billion) as of Wednesday. These measures reflect ongoing efforts to support the struggling real estate market.
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