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Loans To Financing Vehicles For Public-Rental Homes
Source: Bloomberg News |
September 20, 2011, Tuesday
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Print Edition
Print Edition
CHINA will allow financial institutions to lend to qualified local government financing vehicles for public-rental housing projects, said a statement on the central government's website yesterday, citing a meeting presided by Premier Wen Jiabao.
"Banks and financial institutions may lend to qualified public rental housing projects directly, or through qualified local government financing vehicles," the statement said. "The central government will continue to increase subsidies and the local governments also need to add financial investments."
China banned commercial banks from rolling over or renewing their loans to local financing vehicles, the China Banking Regulatory Commission said on July 27. The regulator also asked banks to increase loans to local governments for the construction of affordable housing.
The size of public-rental homes should be around 40 square meters with rents set below market rates, according to the statement.
The CBRC said it will also boost its oversight on property lending in second- and third-tier cities, without elaborating.
August new-home prices rose in all 70 Chinese cities monitored for the first time this year, the National Bureau of Statistics said on its website yesterday.
Prices in Beijing advanced 1.9 percent year on year, while those in Shanghai increased 2.8 percent.
"Banks and financial institutions may lend to qualified public rental housing projects directly, or through qualified local government financing vehicles," the statement said. "The central government will continue to increase subsidies and the local governments also need to add financial investments."
China banned commercial banks from rolling over or renewing their loans to local financing vehicles, the China Banking Regulatory Commission said on July 27. The regulator also asked banks to increase loans to local governments for the construction of affordable housing.
The size of public-rental homes should be around 40 square meters with rents set below market rates, according to the statement.
The CBRC said it will also boost its oversight on property lending in second- and third-tier cities, without elaborating.
August new-home prices rose in all 70 Chinese cities monitored for the first time this year, the National Bureau of Statistics said on its website yesterday.
Prices in Beijing advanced 1.9 percent year on year, while those in Shanghai increased 2.8 percent.
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