China Vows to Speed Up Delayed Homes With Special Loans

WATCH: China will allow some cities to lower the mortgage rate for first-time homebuyers as the government aims to stabilize the struggling housing market. Still, analysts said the move was likely to provide only limited support. Bloomberg Economics’ Chang Shu shares her views.Source: Bloomberg

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By Bloomberg News

September 29, 2022 at 7:54 AM UTC

Updated on

September 29, 2022 at 8:43 AM UTC

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China’s central bank vowed to expand a special lending program if it’s needed to ensure the delivery of delayed housing projects, and called on banks to provide financing support for this effort.

China will roll out city-specific property policies to support demand, implement special loans dedicated to ensuring property completion and increase its magnitude within reason, the People’s Bank of China said in a statement Thursday. The statement summarized the decisions of the quarterly meeting of the monetary policy committee, which was chaired by Governor Yi Gang and met on Sept. 23.