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China central bank lifts cap on property development loans
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CHINA’S central bank has lifted the cap on lending to property developers for commercial banks as part of its measures to bolster the sluggish real estate market.
The People’s Bank of China has granted the headquarters of commercial banks the authority to make approvals for property development loans, Beijing-based weekly newspaper The Economic Observer reported today, citing sources from the central bank and top Chinese banks.
The commercial banks can start to extend new loans based on their own decisions, the report said. Previously banks can only extend 10 percent of total lending to property developers for maximum.
The central bank said at the end of last month that it will strengthen financial support to affordable housing projects and individual home mortgages, and continue to support reasonable financing needs of property developers.
Meanwhile, it also revised the definition of first-time home buyers to include people who want to buy a second property while having no outstanding mortgages. First-time buyers are entitled to preferential policies such as discounted rate and lower down-payment.
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