China supports real estate market by ensuring housing delivery, reducing loan interests

China has supported the development of the real estate market during the 14th Five-Year Plan period (2021-2025) by ensuring the construction and delivery of houses and reducing loan interests for home buyers, according to a press conference in Beijing on Monday.

Some officials from relevant departments, including Li Yunze, director of the National Financial Regulatory Administration, and Pan Gongshen, governor of the People's Bank of China (PBOC), the central bank, briefed the media on China's efforts in mitigating risks in various areas, such as real estate.

"We have actively helped resolve risks in real estate and local government debts, and continued efforts to contain the downtrend and restore stability in the housing market. We have taken multiple measures to stabilize financing, providing over 1.6 trillion yuan in funding for the 'three major projects,' including affordable housing. Meanwhile, rental housing loans have seen an average annual growth of 52 percent. We spearheaded the establishment of an urban real estate financing coordination mechanism, provided over seven trillion yuan in loans to 'white list' projects, supported the construction and delivery of nearly 20 million housing units, and effectively protected the legitimate rights and interests of home buyers," said Li.

China's "three major projects" refer to the development of affordable housing projects, the redevelopment of urban villages, and the construction of public infrastructure that can be used for both daily and emergency purposes.

"White list" real estate projects are those under construction and eligible for financing support.

Pan told the press that the PBOC has adopted multiple policies and measures to reduce interest payments for home buyers.

"In terms of financial support for real estate risk mitigation, the People's Bank of China, based on its macro-prudential management function, has optimized and adjusted a number of policies such as down payment ratios and mortgage interest rates, and lowered interest rates on existing housing mortgages, reducing interest payments by around 300 billion yuan for more than 50 million households each year," said Pan.

China supports real estate market by ensuring housing delivery, reducing loan interests

China's research icebreaker Xuelong, or Snow Dragon, departed Christchurch, New Zealand for the 42nd Antarctic Expedition on Thursday after completing resupply operations.

The vessel arrived at New Zealand's Lyttelton Port Sunday evening.

During its stay in Lyttelton, the vessel took on 1,200 tons of light oil and replenished supplies including vegetables, fruits, and fresh water.

The light oil will be brought to China's Zhongshan Station in Antarctica, exclusively for fixed-wing aircraft.

Thirty four new crew members boarded the ship in Lyttelton to commence oceanographic operations.

The supplies of fruit, vegetables and other food items include not only items for the Xuelong crew but are also destined for the Qinling Station.

"The Qinling Station has a longer overwintering period, so they will run out of fruits later in the season. To better support their daily needs, we've replenished large quantities of green vegetables, fruits, beverages, as well as beef and mutton," said Li Donghui, the service team leader of the Xuelong vessel.

During its port call, the Xuelong also completed a freshwater replenishment of approximately 600 tons. The freshwater is primarily for drinking and kitchen use, serving as vital daily supplies for the expedition team during their subsequent fieldwork.

China's Xuelong icebreaker leaves New Zealand for Antarctic expedition after replenishment