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Cities Support Financing of Real Estate Projects Via "Whitelist"

CHINA PRESS
MNI (Singapore)

Local governments including Chongqing and Nanchang city are providing local banks with a “whitelist” of property projects capable of receiving financing support. Chongqing has sorted out the first batch of 314 real estate projects with financing needs of about CNY83 billion and recommended them to 28 major banks in the city. Banks will shorten the credit approval time for projects with guaranteed repayment sources, and flexibly offer new loans to projects that have temporary financial difficulties but can maintain a balance of funds, said Liu Shui, research head of China Index Academy. More cities are expected to follow suit to ease the tightening of property loans and expand real-estate investment. (Source: Shanghai Securities News)

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