(17 Oct 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing – 17 October 2024
1. Wide of news conference
2. Wide of reporters
3. SOUNDBITE (Mandarin) Ni Hong, Minister of Housing and Urban-Rural Development:
“Before the end of this year, we will scale up the credit limit for the white list of the real estate market to 4 trillion yuan ($562 billion). All eligible property projects should be included in the financing coordination mechanism so that loans can be made available to these projects to meet their reasonable financing needs.”
4. Various of reporters
5. SOUNDBITE (Mandarin) Ni Hong, Minister of Housing and Urban-Rural Development:
“The 1 million units are mainly focused on those projects whose conditions are ripe, and efforts could be frontloaded to implement such policy. We can speed up renovation from these projects. We are taking monetized resettlement as the policy so that the people can choose the houses in light of their will and their need.”
6. Various of reporters
7. SOUNDBITE (Mandarin) Xiao Yuanqi, Vice Minister of the National Financial Regulatory Administration (NFRA):
“As of October 16, loans for white list real estate projects have been approved totaling 2.23 trillion yuan. It is expected that by the end of 2024, the approved loan amount for white list projects will double, exceeding 4 trillion yuan.”
8. Various of news briefing
STORYLINE:
Officials in Beijing say China will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion).
It is Beijing’s latest move to reverse a slump in the property industry.
Minister of Housing and Urban-Rural Development Ni Hong said during a news conference Thursday in Beijing that measures will also be taken to redevelop 1 million urban villages across China.
The government has been redoubling efforts in recent weeks to stabilize the real estate market after a downturn triggered by a crackdown on excess borrowing.
Once a bright spot in China’s economy, the property market has since become a drag.
On Saturday, authorities announced they would allow local governments to use funds from unallocated government bond quotas and to raise debt ceilings to help prop up the property market.
In late September, the outstanding mortgage rates for individual borrowers were also cut by an average of 0.5 percentage points, and the minimum down payment ratio on purchases of second homes was also lowered to 15% from 25%.
In January, officials announced a list of housing projects that would be eligible for financing.
Deputy Director of the National Financial Regulatory Administration Xiao Yuanqi said loans for such projects had reached 2.23 trillion yuan ($313 billion) as of Wednesday.
AP Video by Borg Wong
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