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China Promoting Public Housing Fund Loan Services
The Chinese government is stepping up efforts to strengthen the collection of the public housing funding and is trying to make the money available to more individual home buyers.
Liang Xiaoqing, deputy director of the Housing Industrialization Promotion Center under the Ministry of Construction, said the country will further standardize the management of the public housing fund, and will take measures to develop intermediary services and reduce costs of loan-borrowing.
Addressing the 2000 China Housing and Real Estate Financing Symposium held here today, the official said the "Management Regulations on Public Housing Funds" has paid off since it was issued this spring.
She called on departments under the Ministry of Construction to work with the People's Bank of China in a bid to design diversified housing finance tools and ways of repaying loans.
The official said China has made headway in launching public housing loans. So far, the number of employees participating in the public housing fund system has reached 69 million and some 140. 9 billion yuan has been collected for the fund.
She added that the Chinese government has adjusted policies regarding individual housing loans granted by the public housing fund and commercial banks. Such policy adjustment as well as the progress of the housing reform led to a remarkable rise in housing loans to individuals which has amounted to 28.3 billion yuan.
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