More real estate financing coordination mechanisms established in China

BEIJING, April 3 (Xinhua) -- China has established provincial-level real estate financing coordination mechanisms in 31 provincial-level regions and the Xinjiang Production and Construction Corps, and city-level real estate financing coordination mechanisms in all cities at prefecture level and above, official data showed Wednesday.

By the end of March, a total of 1,979 property projects had obtained bank credit of about 469 billion yuan (about 66.1 billion U.S. dollars), and some 1,247 project received loans worth more than 155.4 billion yuan, according to the Ministry of Housing and Urban-Rural Development.

China in January announced a plan to establish a financing coordination mechanism for the real estate sector with the aim of satisfying the legitimate financing needs of property projects and supporting the stable and sound growth of the market.