China Parliament Pressures Banks To Step Up Property Finance (1)

China’s banks should step up funding for property developers to reduce the risk of additional defaults and ensure completion of housing projects, members of the country’s top lawmaking body said.

Increasing funding would ease “panicked expectations” of households, said members of the standing committee of the National People’s Congress, China’s Communist Party controlled parliament.

The comments were made last month at a meeting where central bank head Pan Gongsheng presented a report to parliament that called for more support for big real estate.

WATCH: Bloomberg has learned that Country Garden was included on China’s draft list of developers eligible for financing support. Annabelle Droulers reports.

Source: Bloomberg

Regulators have since circulated a list of 50 property developers eligible for a range of financing ...