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China extends property loans at the fastest pace in three years as the mortgage crisis spreads

Breaking news comes from Hong Kong (China) that china increased property loans rapidly. The China Banking and Insurance Regulatory Commission (CBIRC) stated that it increased  “active credit support” to boost land projects which are stalled or canceled. It will also help those who wanted to buy their own homes. 

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The regulator also urged banks to provide pledge loans for the development of the property market. He also said pledges were raised after the People Bank of China’s down rate on the property up to two-tenths percent.

 Liu Zhongrui, an official from the CBIRC, stated during a press conference on Thursday in Beijing “The current lending pace for property-related loans has reached the fastest pace since 2019”.

China extends property loans at the fastest pace in three years as the mortgage crisis spreads

Liu also said that our previous effort also worked and the loan provided by the bank touched 52.2 billion Yuan.

An increasing number of homemakers boycott to pay these mortgage loans. From 2020 they faced problems. No development seeing in the property market and several projects were canceled because of a crisis by developers. People got angry about this new taxes rate. Real estate of China agreed to sell under-construction homes and use this money in the construction of other projects. It means they can sell unfinished apartments. China’s GDP can be crisis up to 30% and many major problems can be seen in real estate, financial and economic market.

Actually, Zhengzhou-based Henan Asset Management and Zhengzhou Real Estate group collect a found to complete unfinished projects. The fund should be used to  “revive problematic property projects and bail out struggling developers”.

If there is other information regarding property taxes or other subjects we will update you soon. Hope you like it. Stay tuned with us for more updates like this.

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