Guangdong Province Banking Regulator Calls for Greater Housing Support for New Urban Residents

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The banking regulator for the southern Chinese province of Guangdong has called for regional financial institutions to provide greater support to the housing needs of new migrants to the major cities.

Wang Wuqing (王吴庆), the deputy-head of the Guangdong province banking and insurance regulatory authority, said that the authority is “supporting the development of welfare residential and rental housing, and guiding financial institutions to actively participate in trials for welfare rental housing.”

Guangdong province banks have provided 34 billion yuan in financing to enterprises on the home rental market, to help drive the creation or renovation of nearly 160,000 long-term leasing units.

The Guangdong province branch of China Construction Bank (CCB) is also supporting a total of 245 rental housing projects, and extended loans of more than 16 billion yuan as part of efforts to help settle migrant workers.

Wang said that at present 90% of the nearly 4 trillion yuan in outstanding personal home mortgages in Guangdong are for first-time home buyers, helping new migrants to the cities to obtain their own permanent residences.