China establishes real estate financing coordination mechanisms in 214 cities

This aerial photo taken on June 7, 2023 shows a view of downtown Changsha, central China's Hunan Province. (Xinhua/Chen Sihan)

BEIJING, Feb. 21 (Xinhua) -- A total of 214 cities in 29 provinces across China had established real estate financing coordination mechanisms as of Feb. 20, forming part of the country's efforts to promote the sound development of the property market.

China's Ministry of Housing and Urban-Rural Development said Tuesday that it had issued batches of "white lists" involving 5,349 real estate projects eligible for financing support and forwarded them to commercial banks.

Up to now, some 162 projects in 57 cities have received bank financing totaling 29.43 billion yuan (about 4.14 billion U.S. dollars), according to the ministry.

Local governments and financial institutions have been actively implementing such coordination mechanisms, with loans of 123.6 billion yuan approved for projects on the lists, according to data from the Bank of China, China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China and some joint-stock banks.

China in January announced a plan to establish a financing coordination mechanism for the real estate sector with the aim of satisfying the legitimate financing needs of real estate projects and supporting the stable and sound growth of the country's real estate market.