China has disbursed only a fraction of a flagship central bank fund designed to rescue property developers, as authorities struggle to cut a vast stock of unsold homes and end a prolonged real estate slump.
Beijing unveiled a plan in May for the People’s Bank of China and state banks to mobilise up to Rmb500bn ($70bn) in lending to support local government enterprises to buy up unsold property. Local governments would then lease the property as social housing.
But the latest figures from the PBoC show that banks have lent only Rmb24.7bn under the scheme, prompting the central bank this month to promise to “accelerate” the programme.
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