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Credit policies to stifle speculation, boost private ownership
By Hu Xiaocen |
March 2, 2012, Friday
|
Online Edition
Online Edition
THE Chinese government has differentiated its credit policies in the real estate industry to strike property speculation on one hand, and to bolster the private housing sector on the other.
"The policy bank strove to improve people's living standards in recent years. Supporting affordable housing construction was one of its top priorities," Chen Yuan, director of the China Development Bank, said in a meeting today in Beijing.
Housing and Urban-Rural Development Vice Minister Qi Ji said in the same meeting that the policy bank's outstanding loans lent to housing projects totaled 213.6 billion yuan (US$ 33.9 billion) by the end of 2011, 61 percent of the country's total.
Financial News, a paper run by the Chinese central bank reported that China's big four state-backed banks, Industrial and Commercial Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp and Agricultural Bank of China Ltd will support qualified property developers to boost the supply of common commercial housing.
The four banks pledged to provide reasonable rates for first-home purchasers, and support affordable housing projects while abiding by the government's property controls, Xinhua reported today.
In February, China saw its biggest drop in house prices in 19 months on two-year-long house purchase restrictions by the government.
"The policy bank strove to improve people's living standards in recent years. Supporting affordable housing construction was one of its top priorities," Chen Yuan, director of the China Development Bank, said in a meeting today in Beijing.
Housing and Urban-Rural Development Vice Minister Qi Ji said in the same meeting that the policy bank's outstanding loans lent to housing projects totaled 213.6 billion yuan (US$ 33.9 billion) by the end of 2011, 61 percent of the country's total.
Financial News, a paper run by the Chinese central bank reported that China's big four state-backed banks, Industrial and Commercial Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp and Agricultural Bank of China Ltd will support qualified property developers to boost the supply of common commercial housing.
The four banks pledged to provide reasonable rates for first-home purchasers, and support affordable housing projects while abiding by the government's property controls, Xinhua reported today.
In February, China saw its biggest drop in house prices in 19 months on two-year-long house purchase restrictions by the government.
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