China to meet reasonable financing demand by property developers


BEIJING, Aug 12 (Reuters) - China's bank and insurance regulator will guide banks to extend loans to help the delivery of unfinished housing projects and will meet reasonable financing demand by property developers, the 21st Century Business Herald reported on Friday.

Five financial asset management companies had cooperated with local governments to deliver nearly 27,000 units of homes, the media outlet cited officials at China Banking and Insurance Regulatory Commission as saying at a briefing.

Last month, homebuyers across China threatened to suspend mortgage payments after many home building projects were delayed or left unfinished because of developers' financial problems.

The mortgage boycott had further corroded fragile sentiment in the distressed Chinese property market, already grappling with a debt crisis among developers, weak homebuyer sentiment and falling property sales.

(Reporting by Liangping Gao and Ryan Woo; Editing by Mark Heinrich)


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