214 cities across China have established real estate financing coordination mechanisms

China's Ministry of Housing and Urban-Rural Development stated on Tuesday that as of Feb 20th, 214 cities in 29 provinces across China have established real estate financing coordination mechanisms.

They have issued "white lists" for real estate projects eligible for financing support in batches and forwarded them to commercial banks, involving a total of 5,349 projects.

The ministry said since the deployment of the urban real estate financing coordination mechanism in January, local governments and relevant financial institutions have been vigorously implementing it. Many cities have continued their work during the Spring Festival holiday, and the coordination mechanism has continued to make new progress.

Among these, 57 cities and 162 projects have received bank financing totaling 29.43 billion yuan ($4.09 billion), an increase of 11.3 billion yuan from before the Spring Festival holiday.

According to data from the Bank of China, China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China and some joint-stock banks, loans totaling 123.6 billion yuan have been approved for projects on the "white list", and loans will be disbursed gradually based on project construction progress.