China plans to establish a real estate fund with a maximum scale of 300 billion yuan ($ 44.39 billion) to support more than a dozen real estate developers such as the Evergrande Group in China, which is in trouble. .. A state-owned bank executive familiar with the situation revealed.


The fund has secured a re-lending quota of 50 billion yuan from the China Construction Bank and 30 billion yuan from the People's Bank of China (Central Bank). The scale of the fund can be expanded to 200-300 billion yuan.


The fund will finance unfinished home construction projects to boost completion. After that, it plans to lend it to individuals as part of the government's plan to promote rental housing.


In response to the news, the Hansen mainland real estate stock index temporarily rose by more than 5% in the stock market on the 25th and rose 3.4% at the end of the previous session. The CSI300 Real Estate Index also rose about 2.0%.


Regulators and local governments will select the developers to be supported by the fund, according to a source reported earlier by financial information service REDD. The fund can buy financial products issued by developers, as well as finance when a country acquires a developer's project.


Authorities say they are considering a national policy on issuing special bonds for the redevelopment of slums.