China Boosts Housing Sector with Expanded Financing Plans

China is expanding its 'white list' for housing projects eligible for financing, increasing bank lending to 4 trillion yuan to stabilize its real estate market. The initiative, started in January, has approved 5,392 projects, totaling nearly 1.4 trillion yuan in financing by September.

In a significant move to stabilize its real estate sector, China will enlarge its 'white list' of housing projects eligible for financing. This includes a substantial increase in bank lending, reaching 4 trillion yuan, as announced by the Minister of Housing and Urban-Rural Development, Ni Hong.

In a bid to revive the struggling housing market and boost buyer confidence, China introduced the 'white list' initiative in January. This strategy has seen impressive growth, with banks approving financing for 5,392 projects by the end of September.

The total financial support for these projects has reached nearly 1.4 trillion yuan, indicating strong progress in leveraging financial tools to support the housing sector. This development highlights both the scale of the financial intervention and the government's commitment to economic stabilization.

(With inputs from agencies.)