China Banks Approve $28 Billion Loans for Property Market
- Some 6,000 projects included on so-called white lists
- Developer home sales accelerated slide to 60% in February
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China’s housing ministry said more than 200 billion yuan ($28 billion) of bank loans have been approved for property projects, the latest indication that lenders are heeding the government’s push to support the embattled real estate market.
Commercial banks had approved that amount as of Feb. 28, the ministry said Friday. That’s a jump from about 29 billion yuan as of Feb. 20. About 6,000 projects are now included on so-called white lists that make them eligible for housing support.