Chinese banks approve 1.4 trillion yuan in financing support for 'white list' property projects

BEIJING -- China's commercial banks have approved 5,392 "white list" projects in the real estate sector, according to the National Financial Regulatory Administration.

The financing volume for these projects reached 1.4 trillion yuan (about $196.33 billion), Liao Yuanyuan, an official of the administration told a press conference on Wednesday.

Timely financial support for "white list" projects that meet relevant requirements has facilitated their completion and delivery, thereby protecting buyers' rights and ensuring stability in the real estate market, according to Liao.

Since the beginning of the year, the administration has consistently guided financial institutions to offer real estate financing through various channels, including the urban coordination mechanism, resulting in steady growth in the real estate financing provided by banking institutions, Liao said.

She added that from January to July this year, commercial banks issued 3.1 trillion yuan in new personal housing loans, effectively supporting people's essential and improved housing needs.

China is pushing forward its financing "white list" mechanism for real estate projects to stabilize the market.

The mechanism is part of China's efforts to stabilize the sector weighed by debt problems and boost confidence in an industry that accounts for nearly 6 percent of the country's GDP.