China extends property loans at the fastest pace in three years as mortgage crisis spreads

The China Banking and Insurance Regulatory Commission reiterated Thursday that it will provide"active credit support" for property developers, so they can complete delayed or stalled projects as soon as possible. It also urged banks to issue more mortgage loans to qualified homebuyers to support demand and prop up the property market.The regulator said previous efforts to boost property lending have been working.

As the property sector cools off, several major companies are seeking protection from creditors. Many property projects across the country have been delayed or suspended due to developers' cash crunch.Public anger is growing over stalled projects, as many homebuyers had started repaying mortgages before they are in possession of the new property. In China, real estate firms are allowed to sell homes before completing them and use the funds to finance construction.

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