Communist China’s financial regulators have asked six state-owned businesses to provide at least $84.32 billion in financial support to the bank’s real estate sector in response to a growing liquidity crisis in the real estate sector, foreign media said on Sept. 30, citing information from sources familiar with the matter.
CCP-owned central Bank and the Banking and Insurance Regulatory Commission have reportedly told these banks that they can provide support in any form, including mortgages, loans to developers, and purchase of their bonds.
In addition, on September 29, the Communist Party’s central bank introduced measures to speed up the use of special loans to secure a certain number of housing sales.
According to the report, in recent months, the Chinese Communist Party has launched a series of measures to stimulate the economy, especially for the real estate industry to take several incentives, such as the abolition of the lower limit of the first suite loan interest rate, the exchange of new homes to refund personal income tax. However, the real estate market is still in the doldrums, and there is no signal to recover.
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