New measures to revive realty sector

China has rolled out new policy measures to rejuvenate the property sector, with expanded funding for troubled property developers and renovation of an additional 1 million homes high on the agenda.

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China will expand its "white list" program, which allows unfinished housing projects and developers to access credit, with the loan quota under this initiative set to reach 4 trillion yuan (US$561.8 billion) by the end of the year.

Policymakers are working to include all qualified real estate projects in the "white list" program, ensuring that eligible projects can access the necessary financing.

Local authorities are recommending financial institutions to real estate projects eligible for financial support.

Additionally, Chinese cities will renovate 1 million more homes known as urban villages or dilapidated homes, and residents will receive money to buy new apartments.

The new measure primarily targets the most ready-to-implement projects, where increased policy support can accelerate the process. In particular, local governments will be allowed to finance these programs by issuing special bonds.

The number of homes in urban villages that require redevelopment in 35 major cities has reached 1.7 million units. This figure is likely to be even higher after including the needs of other cities.