China Plans $29 Billion in Special Loans to Troubled Developers
- Loans to be used for completing sold but unfinished properties
- PBOC and finance ministry to channel money via policy banks
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China will offer 200 billion yuan ($29.3 billion) in special loans to ensure stalled housing projects are delivered to buyers, people familiar with the matter said, ramping up financing support for its beleaguered property sector.
The previously unreported size of the lending program, which was announced with scant details by China’s housing ministry, finance ministry and the central bank late Friday, would make it the biggest financial commitment yet from Beijing to contain a property crisis that’s seen home prices slump and real estate sales plummet.