According to local Chinese sources, it has been announced that China will offer 200 billion yuan ($29.3 billion) of special loans for stalled housing projects.
The plan, which was announced by the People's Bank of China and 2 Ministries last week, but whose size has not been announced before, is planned to be the largest support package developed by China against the real estate crisis to date.
According to the plan, the People's Bank of China will provide loans to firms through the China Development Bank and the China Agricultural Development Bank. Foreign sources emphasized that the loan will only be used for projects that have been sold but not completed due to cash shortages.
Some home buyers stopped their mortgage payments due to unfinished projects, which caused a great panic in the housing sector in the country.
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