Hey there, news enthusiasts! 🌟
China's giving its real estate market a massive boost! 🏢💰
China's commercial banks have just approved 5,392 real estate \"white list\" projects, pumping in nearly 1.4 trillion yuan (that's a whopping $196.2 billion)! 🤑 This exciting update comes from the National Financial Regulatory Administration (NFRA) this Wednesday.
So, what's the deal with these \"white list\" projects? 🤔 Back in January, the Ministry of Housing and Urban-Rural Development teamed up with the General Administration of Financial Supervision to set up a new urban real estate financing coordination mechanism. Fast forward to June, and with the green light from China's State Council, they've rolled out measures to speed up and improve these projects. 🚀
Liao Yuanyuan, director of the Statistics and Risk Surveillance Department at the NFRA, shared that these projects are getting timely financial support, protecting buyers' rights, and keeping the real estate market steady. 🛡️🏠
Check out these numbers: real estate development loans have jumped by over 400 billion yuan since the start of the year! 📈 Operating property loans are up by 19%, and merger and acquisition loans have increased by 21%. And from January to July, commercial banks issued a staggering 3.1 trillion yuan in new personal housing loans. Talk about supporting people's housing dreams! 🏘️💫
What's next? The Financial Supervision Administration plans to keep the momentum going! They'll work with local governments, real estate enterprises, and financial institutions to ensure the real estate market stays on a healthy and stable path. 🌈✨
Reference(s):
China raises 1.4 tln yuan to fund property 'white list' projects
cgtn.com
