China’s Banks Approve $196 Billion in Loans to Support New Home Delivery

Chinese banks have committed 1.4 trillion yuan ($196 billion) in loans to support more than 5,000 real estate projects that qualify for a financing support program aimed at reviving the struggling housing sector.

The funding was approved under a financing coordination mechanism launched in January, designed to ensure viable projects can secure the finance needed to complete construction and deliver new homes to their owners.

Source: REUTER