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China has launched the implementation of a recently announced policy to address surplus housing inventories, which analysts said is likely to significantly expand in size as a potent tool to stabilize the ailing residential property sector. ▲ A property project under construction in Hefei, Anhui province. [Photo provided to China Daily] They made the comments after the People's Bank of China, the country's central bank, held a meeting on Wednesday calling for efforts to ensure effective implementation of the affordable housing re-lending facility and accelerate the destocking of housing inventories. On May 17, the PBOC announced that it would establish a 300 billion yuan ($42.25 billion) re-lending facility, which will provide funding for State-owned enterprises to buy completed commercial properties for repurposed affordable housing. The facility, offering funding to banks at an interest rate of 1.75 percent with a term of one year, can be rolled over four times, and will be issued
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