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Thursday, August 11, 2022

China urges banks to extend loans for real estate projects amid mortgage boycott

Chinese regulators on Sunday urged banks to extend loans to eligible real estate projects and meet the financing needs of developers in their latest attempt to ease concerns arising from a broad mortgage-payment boycott on unfinished homes.

The remarks by the China Banking and Insurance Regulatory Commission (CBIRC) came after a growing number of home buyers across China threatened to freeze their mortgage payments for stalled property projects, triggering a real estate crisis that is already crippling the economy. influencing.

Investors have continued to dump Chinese banking stocks as well as developers’ shares and bonds, even after the CBIRC on Thursday vowed to strengthen its coordination with other regulators to “guarantee the delivery of homes”.

in an interview with the officer China Banking & Insurance News On Sunday, the CBIRC reiterated that it would support local governments to promote home delivery, and expressed confidence that with concerted efforts, “all difficulties and problems will be properly resolved.”

More specifically, the regulator urged banks to “exercise social responsibility” and actively participate in the study of plans to fill the funding gap, so that stalled real estate projects can be resumed faster , and the home can be delivered to the buyers quickly.

It also urged banks to strengthen communication with mortgage customers and support the acquisition of real estate projects to help stabilize the property market.

In addition, the watchdog said financial risks in the northeastern province of Liaoning had been rising recently but were under control, and that the government would take measures to curb the risk on China’s smaller lenders.

This article is republished from – Voa News – Read the – original article.`

World Nation News Desk
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