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China’s central bank urges support for affordable housing in Shanghai

Residential compound buildings seen in Shanghai
FILE PHOTO: Residential buildings are seen in Shanghai, following the outbreak of the coronavirus disease (COVID-19), China October 9, 2020. REUTERS / Aly Song

December 10, 2021

BEIJING (Reuters) – China’s central bank’s Shanghai branch has asked banks and financial authorities to promote innovation in products and services to support affordable housing, while also calling for caution to developers, it said in a statement on Friday.

This week, the Politburo, China’s top decision-making body, said it would support the private housing market to better meet the reasonable needs of home buyers, as regulators implementing financial changes to ease liquidity stress in the real estate market.

Banks and developers attended a meeting on Friday at the key business center hosted by a branch of the People’s Bank of China, the office of the China Banking and Insurance Regulatory Commission and other relevant agencies. The local housing and financial management department jointly organizes.

“The growing supply of affordable housing is a key approach to meeting the living needs of Shanghai newcomers and the younger generation, and an effective way to help realize this,” the statement said. common prosperity”.

At the meeting, the banks signed strategic agreements with local government-backed Shanghai Land Group, Shanghai CIFI Holdings Group, Hong Kong-listed Shui On Land Ltd and Shanghai-based Dahua Group. to support affordable housing.

Those signatories are Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Shanghai Pudong Development Bank, Shanghai Bank and Shanghai Rural Commercial Bank.

(Reporting by Shanghai Newspaper and Beijing Newsroom; Editing by Clarence Fernandez)

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Bobby Allyn

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