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Chinese regulators urged banks to extend loans to qualified property projects and meet developers‘ reasonable financing needs, in a bid to ease market concerns after a widening mortgage-payment boycott on stalled property projects.
The CBIRC reiterated that it will support local governments to promote home delivery, and expressed confidence that with concerted efforts, “all the difficulties and problems will be properly solved,” according to an interview with the official China Banking and Insurance New.
Banks are told to “shoulder social responsibility” and actively participate in the study of plans to fill the funding gap, so that the construction of stalled property projects can be resumed swiftly and homes can be delivered to buyers early, it said.
The CBIRC also urged lenders to step up communications with mortgage clients and support acquisitions of real estate projects to help stabilize the property market.
In addition, financial risks in the northeastern province of Liaoning has been growing recently but were under control, and the government will take measures to prevent risks at China’s small lenders, it said.