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Potential New Funding Initiative.

CHINA
  • Chinese authorities are reportedly considering allowing local governments to purchase unsold properties.
  • Proposal would see the issuance of special purpose bonds, with use of proceeds restricted to the purchase of properties.
  • Currently the issuance of special purpose bonds is restricted to environmental or infrastructure projects.
  • There is an annual quota provided to local authorities to issue ‘special bonds’ and current estimates are that a significant amount of that quota has been issued year to date.
  • The next logical step in the evolution of this subject would be indication as to what portion of the outstanding quota may be allocated to housing.
  • This policy would complement that rescue package announced earlier this year where CNY580bn of funds were made available to support home purchases with funding from the PBOC. These funds have only seen a small portion utilized thus far.
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