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PBOC To Offer CNY200Bln Refinancing For Housing Project Delivery

CHINA PRESS

The People’s Bank of China is set to provide CNY200 billion of interest-free refinancing funds to commercial banks to ensure the delivery of unfinished housing projects, Yicai.com reported. It will support the accelerated construction and delivery of projects that have been sold but are overdue and have been identified by the financial management department. It is a new phased policy, aiming to reassure banks and local governments to offer help and resolve outstanding loan risks, the newspaper said. The program is currently seeking industry comments, Yicai added.

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The People’s Bank of China is set to provide CNY200 billion of interest-free refinancing funds to commercial banks to ensure the delivery of unfinished housing projects, Yicai.com reported. It will support the accelerated construction and delivery of projects that have been sold but are overdue and have been identified by the financial management department. It is a new phased policy, aiming to reassure banks and local governments to offer help and resolve outstanding loan risks, the newspaper said. The program is currently seeking industry comments, Yicai added.