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An affordable housing project under construction in Nantong, Jiangsu province. China's central bank has pledged to provide 300 billion yuan ($41.6 billion) in cheap loans to enable financial institutions to lend to local state-owned enterprises (SOEs) so they can buy up built but unsold apartments and then resell or lease them as affordable housing. The move announced on Friday is China's latest initiative to shore up the beleaguered property market. Other measures include scrapping the nationwide minimum mortgage interest rate and cutting the minimum down-payment ratio.
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