PBOC Earmarks $42 Billion for State Buying of Unsold Homes
- Loans barred from being extended to entities with hidden debt
- Officials announce new measures to shore up property sector
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The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes.
Central bank Deputy Governor Tao Ling announced the so-called relending program at a briefing in Beijing on Friday, hours after the government unveiled an unprecedented package of measures to address the nation’s protracted property crisis.