China to expand white list of projects eligible for bank financing
China to expand urban redevelopment to help absorb housing inventories
Housing minister says housing market has started to 39;bottom out39;

BEIJING, Oct 17 Reuters China will expand a white list of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan 562 billion by yearend, Minister of Housing and UrbanRural Development Ni Hong said on Thursday.

Redevelopment of cities will also gather pace, with a million urban villages to be included in such plans, Ni said at a press conference, adding that people being resettled will help absorb existing housing inventories.

The pledges for more financing for cashstrapped developers and urban redevelopments are part of a series of measures announced in recent weeks aimed at stabilising a sector that plunged into crisis in 2021, dragging on broader growth in the world39;s secondlargest economy.

It can be said that the bottoming out of the property market has begun, Ni told reporters.

Since last year, China had implemented incremental policies to lift home buyer confidence amid concerns about persistently declining home prices, timely deliveries of homes by developers, and the status of their own jobs and incomes in a fragile economy.

No official estimates have been released on the number of presold but unfinished homes. According to a Nomura report published in January, 20 million units were sold but not…