MNI BRIEF: China To Use Cash-based Housing Resettlement
MNI (BEIJING) - China will use a cash-based method to settle residents in urban-village renovations and double the credit scale of whitelisted housing projects to CNY4 trillion by year-end in a bid to stabilise the housing market, Housing Minister Ni Hong told reporters on Thursday.
Authorities will renovate one million urban-village and dilapidated houses via “monetised resettlement,” Ni said, adding this will allow residents to choose locations themselves and move into new homes directly.
The ministry will also expand the whitelist mechanism to include commercial housing projects and urge banks to accelerate lending to ensure delivery, Ni added. The amount of loans approved in the mechanism has reached CNY2.23 trillion as of Oct 16, which is expected to double to over CNY4 trillion by the end of the year, he continued.