China steps up 'whitelist' mechanism for property sector - media [Yahoo! Finance]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Yahoo! Finance
HONG KONG (Reuters) - Five state-owned Chinese banks have been matched with more than 8,200 residential projects for development loans under the "whitelist" mechanism aimed at injecting liquidity into the crisis-hit sector, government-backed media The Paper reported. The high number of projects already approved for possible support highlights the government's efforts to free up funding for the debt-riddled industry, although it is unclear how many will secure loans. "The progress for whitelist projects is faster than expected and it looks like regulators have put much higher pressure on banks to lend to developers this time," said Raymond Cheng, head of China research at CGS International. Under the "project whitelist" mechanism launched on Jan. 26, city governments are recommending to banks residential projects suitable for financial support, and are coordinating with financial institutions to meet projects' needs. The mechanism is a key plank of Beijing's efforts to stabili
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