Chinese Gov’t Asks Top Banks to Provide Over US$84 billion to Rescue Real Estate Sector

China’s financial regulators have asked its six largest banks to provide 600 billion yuan (US$84.32 billion) of financial support in any form including mortgages, loans to developers, and purchases of their bonds, to help recover the real estate sector.

Bloomberg News reported on 30 September that this is the latest scheme after a series of actions implemented by the Chinese government to help rescue the real estate sector from overindebted developers.

According to the report, those banks include Industrial & Commercial Bank of China Ltd., China Construction Bank Corp, PBOC, CBIRC, ICBC, and China Construction Bank.

China’s investment property investment dropped by 7.4% y-o-y in the first eight months of 2022, a further decrease of 1% in the first seven months. (Read more)

According to the National Bureau of Statistics (NBS) report, the total property investment in this period was 9.08 trillion yuan (US$1.31 trillion).

One of the causes of the real estate downturn in China is the debt crisis of large developers such as Evergrande.

Recently, China Evergrande has vowed to restart construction of all frozen property projects by the end of September, prompting a response to the nationwide mortgage boycott.

Meanwhile, the Chinese government also plans to issue 200 billion yuan (US$29 billion) in special loans to help developers finish their stalled housing projects, according to Caixin. (Read more)

- Video Advertisement -

Related Post

Blyncsy Publishes Map of U.S. Interstate Highways Showing Roadway Assets to Enhance Safety, Maintenance, and Accelerate the Digital Infrastructure Movement Nationally

Blyncsy empowers state DOTs with the ability to monitor and compare—in near real-time—the status of any major highway in the continental U.S. with their existing data for more informed decision-making. PHILADELPHIA — 2024 AASHTO Annual Meeting & Expo — October 29, 2024 — Blyncsy, a Bentley Systems Inc. (Nasdaq: BSY) company, today announced it published a comprehensive public […]

Phnom Penh-SHV Expressway to Implement Full Toll Rates from 1 November

The Phnom Penh-Sihanoukville Expressway Company has confirmed it will transition to full toll rates beginning 1 November 2024, concluding a 20% discount period that will end at 00:00 on 31 October. This was detailed in the company’s official announcement, dated 31 October 2024. In continued support of smoother travel, the expressway company will offer Electronic […]

Bentley Systems’ New Carbon Analysis Capabilities Help Reduce Infrastructure’s Carbon Footprint

Bentley makes carbon impact analysis a systematic part of the design process for new and existing infrastructure assets and simplifies embodied carbon reporting with added 3D visualisations. VANCOUVER (Bentley Systems’ Year in Infrastructure 2024) – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced the general availability of new Carbon Analysis capabilities […]

Indonesia Sets Sights on Becoming Southeast Asia’s Leading Electric Vehicle and Battery Hub

Indonesia has declared its ambition to become the largest electric vehicle (EV) and EV battery hub in Southeast Asia, a move highlighted by the opening of the region’s first EV battery manufacturing facility last July, according to a statement by vietnamplus, 28 October 2024. This pioneering plant, a $1.1 billion joint venture between Hyundai Motor […]

Cambodian Gov’t Reduces 2025 Budget to USD 9.32 Billion Amid Strategic Economic Planning

The Cambodian government has approved a 2025 budget bill totalling approximately 37.95 trillion riels (USD 9.32 billion), marking a reduction from the 38.83 trillion riels (USD 9.54 billion) allocated for 2024. The budget cut comes as part of a strategic approach to economic planning and was endorsed during a cabinet meeting chaired by PM Samdech […]

CBRE: Cambodian Real Estate Faces Divergent Trends Amid 2024 Economic Growth

Cambodia’s real estate market in the final quarter of 2024 reveals diverse trends, marked by an estimated 5.8% GDP growth rate and 4.3 million international tourist arrivals in the first eight months, yet a decline in construction investment approvals to just $2.19 billion, involving fewer than 3,000 projects. The latest report by CBRE Research, based […]