A housing complex built by Chinese property developer Evergrande in Huaian in China's eastern Jiangsu province.
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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