China to boost financing for approved housing projects to $560 billion to counter property slump

AP Business Writer

HONG KONG (AP) — China has announced it will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion), seeking to reverse a slump in the property industry. Minister of Housing and Urban-Rural Development Ni Hong said during a news conference Thursday in Beijing that measures will also be taken to redevelop 1 million urban villages across the country. The government has been redoubling efforts in recent weeks to stabilize the real estate market after a downturn triggered by a crackdown on excess borrowing. Once a bright spot in China’s economy, the property market has since become a drag.