A senior Chinese financial regulatory official urged the country's financial institutions to provide strong support to the real estate sector. Xiao Yuanqi of China's National Financial Regulatory Administration said they should not "blindly withdraw" loans for projects facing difficulties. He said they should provide greater support through extending existing loans, adjusting repayment arrangements, and adding new loans. Xiao cautioned the new funding guidelines are targeted and banks will issue property loans based on controllable risks and commercial sustainability.
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00:00 It's Benzinga and here's what's on the block.
00:02 A senior Chinese financial regulatory official urged the country's financial institutions to
00:06 provide strong support to the real estate sector. Zhao Yongqi of China's National Financial
00:11 Regulatory Administration said they should not blindly withdraw loans from projects facing
00:15 difficulties. He said they should provide greater support through extending existing loans,
00:19 adjusting repayment arrangements, and adding new loans. Zhao cautioned that new funding
00:23 guidelines are targeted and banks will issue property loans based on controllable risks
00:26 and commercial sustainability.
00:28 For all things money, visit Benzinga.com
00:30 [BLANK_AUDIO]