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 | Saturday, April 15, 2000, updated at 20:52(GMT+8) | ||||||||||||
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China to Make Housing Loans Accessible to More IndividualsThe Chinese government is stepping up efforts to strengthen the collection of the public housing fund and is trying to make the fund available to more individual house buyers, said vice-minister of construction Song Chunhua in Beijing on April 14.The official urged all localities to further standardize the management of the public housing fund and take effective measures to develop intermediary service and reduce expenses in borrowing money from the housing consumption credit. He also called on the relevant departments under the Ministry of Construction to work with the People's Bank of China to design diversified housing financial tools and ways of repaying loans. The official said that the formulation and implementation of the "Management Regulations on Public Housing Fund" has paid off since it was issued. So far, the number of employees participating in the public housing fund has reached 69 million and 140.9 billion yuan (17 billion US dollars) has been collected for the fund. The vice-minister said that the Chinese government has adjusted policies regarding individual housing loans granted by the public housing fund and commercial banks. And such policy adjustment as well as the progress of the housing reform led to remarkable rise in housing loans to individuals which has amounted to 28.3 billion yuan.
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