China boosts funds for housing projects to support embattled sector
China to expand "white list" of projects eligible for bank financing
China to expand urban redevelopment to help absorb housing inventories
Housing minister says housing market has started to 'bottom out'
Adds lacklustre market reaction, comments from analyst
By Joe Cash and Liangping Gao
BEIJING, Oct 17 (Reuters) -China will expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion) by year-end, Minister of Housing and Urban-Rural Development Ni Hong said on Thursday.
Redevelopment of cities will also gather pace, with a million "urban villages" to be included in such plans, Ni said at a press conference, adding that people being resettled will help absorb existing housing inventories.
The pledges for more financing for cash-strapped developers and urban redevelopments are part of a series of measures announced in recent weeks aimed at stabilising a sector that plunged into crisis in 2021, dragging on broader growth in the world's second-largest economy.
"It can be said that the bottoming out of the property market has begun," Ni told reporters.
Since last year, China had implemented incremental policies to lift home buyer confidence amid concerns about persistently declining home prices, timely deliveries of homes by developers, and the status of their own jobs and incomes in a fragile economy.
No official estimates have been released on the number of presold but unfinished homes. According to a Nomura report published in January, 20 million units were sold but not yet constructed.
Ni said 2.46 million new homes have been delivered since May.
In January, China announced a plan for a "white list" of projects that can receive financing to ensure that developers could complete construction and deliver homes to buyers. As of this summer, banks had approved 5,392 such projects, with financing reaching nearly 1.4 trillion yuan.
Approved loans for the "white list" projects had risen to 2.23 trillion yuan as of Oct. 16, Xiao Yuanqi, deputy director of the State Financial Regulatory Administration, said at the press conference.
China's yuan held steady against the U.S. dollar as reaction to the housing policy briefing was muted overall, traders said.
The country's CSI300 real estate index .CSI000952 shed 5% to hand back two days of gains in shares, with no new steps to excite markets.
"From today's press conference, we think few incremental policies on boosting home demand were announced," said Morningstar Research equity analyst Jeff Zhang.
"The most significant directive pertains to credit support to projects in whitelist... We expect an acceleration in execution with more distressed developers receiving funds for home completions, which would help shore up homebuyers' confidence."
On Saturday, finance ministry officials also announced measures to prop up the property sector, allowing local governments to use funds from special bonds to buy unsold homes and idle land.
In late September, the central bank announced measures including cuts in the minimum down payment ratio to 15% for all buyers.
Interest rates on existing mortgages are expected to drop by an average half a percentage point, benefiting 50 million households and 150 million residents, Tao Ling, a deputy governor at the central bank, said at the same press conference.
The rate cuts helped households save 150 billion yuan, she said.
In a September meeting, the politburo, a top decision-making body of the ruling Communist Party helmed by President Xi Jinping, called for further measures to stabilise the market.
($1 = 7.1161 Chinese yuan renminbi)
Reporting by Joe Cash and Liangping Gao; writing by Ryan Woo; Editing by Christian Schmollinger and Shri Navaratnam
آخر الأخبار
إخلاء المسؤولية: تتيح كيانات XM Group خدمة تنفيذية فقط والدخول إلى منصة تداولنا عبر الإنترنت، مما يسمح للشخص بمشاهدة و/أو استخدام المحتوى المتاح على موقع الويب أو عن طريقه، وهذا المحتوى لا يراد به التغيير أو التوسع عن ذلك. يخضع هذا الدخول والاستخدام دائماً لما يلي: (1) الشروط والأحكام؛ (2) تحذيرات المخاطر؛ (3) إخلاء المسؤولية الكامل. لذلك يُقدم هذا المحتوى على أنه ليس أكثر من معلومات عامة. تحديداً، يرجى الانتباه إلى أن المحتوى المتاح على منصة تداولنا عبر الإنترنت ليس طلباً أو عرضاً لدخول أي معاملات في الأسواق المالية. التداول في أي سوق مالي به مخاطرة عالية برأس مالك.
جميع المواد المنشورة على منصة تداولنا مخصصة للأغراض التعليمية/المعلوماتية فقط ولا تحتوي - ولا ينبغي اعتبار أنها تحتوي - على نصائح أو توصيات مالية أو ضريبية أو تجارية، أو سجلاً لأسعار تداولنا، أو عرضاً أو طلباً لأي معاملة في أي صكوك مالية أو عروض ترويجية مالية لا داعي لها.
أي محتوى تابع للغير بالإضافة إلى المحتوى الذي أعدته XM، مثل الآراء، والأخبار، والأبحاث، والتحليلات والأسعار وغيرها من المعلومات أو روابط مواقع تابعة للغير وواردة في هذا الموقع تُقدم لك "كما هي"، كتعليق عام على السوق ولا تعتبر نصيحة استثمارية. يجب ألا يُفسر أي محتوى على أنه بحث استثماري، وأن تلاحظ وتقبل أن المحتوى غير مُعدٍ وفقاً للمتطلبات القانونية المصممة لتعزيز استقلالية البحث الاستثماري، وبالتالي، فهو بمثابة تواصل تسويقي بموجب القوانين واللوائح ذات الصلة. فضلاً تأكد من أنك قد قرأت وفهمت الإخطار بالبحوث الاستثمارية غير المستقلة والتحذير من مخاطر المعلومات السابقة، والذي يمكنك الاطلاع عليه هنا.
