Urban Real Estate Financing Coordination Mechanism Accelerates the Delivery of “Whitelists”
The implementation of the urban real estate financing coordination mechanism has been accelerating, with various cities across China pushing the first batch of real estate project “whitelists” to financial institutions. This has resulted in some related projects obtaining new loans and receiving financial support, as reported by Xinhua News Agency.
The Ministry of Housing and Urban-Rural Development, in coordination with the State Administration of Financial Supervision, has been actively promoting the urban real estate financing coordination mechanism. Nanning, Guangxi, for instance, has established a real estate financing coordination mechanism and has successfully pushed the first batch of 107 real estate project “whitelists” to local financial institutions. The Beitou Lotus Institute project, which was on the “white list,” received a development loan of 330 million yuan from Minsheng Bank Nanning Branch.
Similarly, Chongqing sorted out the first batch of 314 real estate project “whitelists” and distributed them to 28 major banks within its jurisdiction through the real estate financing coordination mechanism.
Other cities such as Jiangxi, Guangzhou, and Qingdao have also been actively refining and implementing the coordination mechanism, as well as promoting the establishment of department consultation platforms and government-bank-enterprise cooperation platforms.
China Construction Bank and the Industrial and Commercial Bank of China have been working proactively to meet the financing needs of “white list” projects. China Construction Bank has organized branches and city banks to coordinate with local coordination mechanisms and real estate projects on the list, while the Industrial and Commercial Bank of China has increased its project financing support for high-quality non-state-owned real estate enterprises.
Many banks have announced their intentions to increase investment in the construction of affordable housing, public infrastructure, and the transformation of urban villages in the future, demonstrating a commitment to better supporting rigid and improved housing needs.
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