224 trillion won additional loan to Chinese real estate firms

China, which has come up with a series of stimulus measures to achieve its "around 5%" economic growth target this year, has announced that it will provide additional loans worth 224 trillion won to real estate companies.

Nihong, head of the Housing, Urban and Rural Construction Department, who oversees China's real estate policy, said at a press conference today that he would expand "white list" loans to 4 trillion yuan within this year.

As white list loans have been approved for 2.23 trillion yuan so far, additional loans of 1.77 trillion yuan and about 224 trillion won are expected to be approved by the end of the year.The

White List' loan was implemented in earnest at the beginning of this year to inject funds into construction sites of real estate companies suffering from financial difficulties, with potential rehabilitation.

As a result, funds have been provided to Japanese construction sites by real estate companies experiencing liquidity crises such as Longjiang, Smao, Rudy and Xuhui, as well as Bighuyuan, which was once the No. 1 Chinese real estate industry but fell into default.

In addition, Ni also announced his plan to carry out a project to renovate 1 million old houses and underdeveloped areas in the city.