And he said Chinese Minister of Housing Ni Hong said during a press conference that Beijing “will increase the loan scale for projects on the white list (a mechanism through which municipalities recommend real estate projects to banks that should be given priority in financing) to four thousand billion” yuan ($562 billion) by the end of the year 2024.
And shape Housing sector Construction has long accounted for more than a quarter of GDP in the world’s second largest economy.
However, since 2020, it has suffered from the authorities’ tightening of the conditions for obtaining loans by real estate contractors, which has pushed giant groups in this sector to the brink of bankruptcy.
“One million dilapidated homes in urban towns will be renovated,” Ni Hong added.
“There are a lot of safety risks and unsuitable living conditions in urban towns. People want modernization,” he explained.
The authorities are still counting on growth of “about 5 percent” this year, but analysts consider this goal very optimistic due to the many obstacles facing the second largest economy in the world.
