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China offers $148bn in loans as property crunch deepens

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A mortgage revolt by homebuyers in July has put more pressure on authorities to act, FT reports

Residential buildings under construction at Tahoe’s Cathay Courtyard development in Shanghai, China, July 27 2022. Picture: Picture: BLOOMBERG/QILAI SHEN

The People’s Bank of China will initially issue about 200-billion yuan of low-interest loans, charging about 1.75% a year, to state commercial banks, the report said, citing people involved in the discussions. The official added the funds will not all be used as loans to developers, but also for other methods to help real estate companies.

The central bank will support an initial 80-billion yuan of the fund, with state-owned China Construction Bank contributing 50-billion yuan of it with a relending facility from the PBOC, Reuters reported. Private developers account for about 70% of the market, and at least half of them have run into liquidity issues, according to analysts.

 

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