China Bolsters Housing Sector with 4 Trillion Yuan Financing Plan

China has announced significant financial support for housing projects by expanding a 'white list' and increasing bank lending to 4 trillion yuan. This move, alongside monetisation plans for urbanisation projects, aims to stabilize the distressed property sector and stimulate broader economic growth.

China is set to invigorate its struggling housing sector, planning to expand a 'white list' of projects eligible for financial backing. Minister of Housing, Ni Hong, revealed that bank lending for such initiatives would rise to 4 trillion yuan, as announced Thursday.

The government also plans to incorporate a million villages into urbanization projects, supporting the beleaguered property developers. This comes after a 2021 crisis that weighed down the nation's economic growth.

In response, measures for additional funding and loan accessibility have been introduced, alongside initiatives like reducing down payments and allowing local governments to utilize special bonds to purchase unsold properties.

(With inputs from agencies.)