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News Chinese regulator instructs banks to lend more for property development

Chinese regulator instructs banks to lend more for property development

Written by Global Cement staff 28 November 2022
  • Print

China: Chinese regulatory authorities have instructed the country's financial institutions to begin lending more to property developers to help them complete residential construction projects. The International New York Times newspaper has reported that the Ministry of Finance has implemented tax breaks for non-first-time homebuyers. Meanwhile, People's Bank of China reduced the minimum total emergency funds to be held by commercial Chinese banks by US$70bn in order to free up cash. Industrial and Commercial Bank of China lent US$91bn to 12 different developers, while Bank of Communications lent US$14bn to leading property developer Vanke.

Governor of the People's Bank of China Yi Gang said “China’s housing sector is linked to a lot of upstream and downstream industries, so its healthy development is of great significance to the overall economy."

Last modified on 30 November 2022
Published in Global Cement News
Tagged under
  • China
  • Government
  • People's Bank of China
  • bank
  • Industrial and Commercial Bank of China
  • Bank of Communications
  • residential
  • homebuilding
  • development
  • Vanke
  • economy
  • GCW585
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