China regulator urges banks to grant financing for property projects

FILE PHOTO: FILE PHOTO: A worker speaking on his phone walks past a construction site in Beijing, China April 14, 2022. Picture taken April 14, 2022. REUTERS/Tingshu Wang/File Photo/File Photo

BEIJING: China's financial institutions should actively fulfill reasonable financing demands for property projects, an official at the National Financial Regulatory Administration (NFRA) said on Thursday.

Financial institutions should not blindly withdraw and cut off loans for eligible property projects that have encountered temporary difficulties on construction, Xiao Yuanqi, deputy director of the NFRA, said at a news conference.