BEIJING China's bank and insurance regulator will guide banks in the delivery of unfinished housing projects and will meet reasonable financing demand by property developers, according to the 21st Century Business Herald on Friday.
Five financial asset management companies have cooperated with local governments to deliver nearly 27,000 units of homes, according to a report by the China Banking and Insurance Regulatory Commission.
Last month, homebuyers across China threatened to suspend mortgage payments after many home building projects were delayed or left unfinished because of developers' financial problems.
The mortgage boycott has corroded fragile sentiment in the Chinese property market, which is already grappling with a debt crisis among developers, weak homebuyer sentiment and falling property sales.