China has announced the extension of two financial policies aimed at supporting the stable and healthy development of the real estate market until the end of 2024. The notice, jointly released by the People’s Bank of China and the National Administration of Financial Regulation on Monday, signifies the government’s commitment to bolstering the housing sector.
Last November, China’s financial authorities introduced a comprehensive 16-step guideline to provide robust policy support for the real estate industry. The recent notice extends the implementation of these policies until December 31, 2024.
The primary objective of this decision is to guide financial institutions in continuing to defer loan payments for real estate enterprises. Additionally, the extended policies aim to strengthen financial support for these enterprises, ensuring the timely completion and delivery of housing projects, as outlined in the document.
The notice outlines two key areas that the extended financial policies will focus on. Firstly, it will support the reasonable deferral of property development loans and credit loans, allowing real estate enterprises to navigate financial challenges more effectively. Secondly, the policies encourage financial institutions to provide policy support by offering special loans that specifically facilitate the successful delivery of housing projects.
By extending these financial support measures, China seeks to promote stability, sustainability, and growth in the real estate sector, contributing to the overall development of the country’s housing market.