Chinese Developers to Receive $148bn in State Loans

Beijing will help Chinese developers by issuing 1 trillion yuan ($148.2 billion) in loans for stalled projects, the Financial Times reported on Thursday. The move aims to ease a severe property sector crisis which intensified recently after a large number of homebuyers announced that they were refusing to pay mortgages on apartments in more than 300 uncompleted projects.

The People’s Bank of China will initially issue about 200 billion yuan of low-interest loans, charging about 1.75% a year, to state commercial banks, the FT said, citing people involved in the discussions.

Read the full report: Financial Times.

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.