A top banking regulatory said China should not begin reducing policy support for the country’s real estate industry at this time, Bloomberg reported, citing a report in the Securities Times. Li Fuan, head of the China Banking Regulatory Commission’s department of banking innovation, was quoted saying that the real estate industry is and will continue to be a critical pillar industry for the next 20-30 years, and that banks should therefore continue to support "good developers" and provide them with financing. The statement is at odds with recent public statements of concerns about property bubbles and an overheated real estate market, which have provoked concerns about reduced access to credit.
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