Chinese real estate developers receive ¥101.8 bn in finance during December 2022, up 33.4% YoY, supported for the most part by the state, Invest-Gate reports.
For 2022, Chinese property companies raised 38% YoY less finance, amounting to ¥824 bn.
The People’s Bank of China states earlier this month that the floor on mortgage rates can be lowered or abolished for first-time home buyers in phases, in the case of cities where the selling prices of new homes fall on a monthly or yearly basis for three consecutive months.
China is reportedly planning to ease restrictions on borrowing for property developers.
The Chinese real estate sector has been impacted by the shortage in finance, which was aggravated by the lockdowns caused by the increase in COVID-19 cases.