Chinese regulators on Sunday urged banks to extend loans to qualified real estate projects and meet developers financing needs where reasonable, in their latest effort to ease concerns triggered by a widening mortgage-payment boycott on unfinished houses. The remarks by the China Banking and Insurance Regulatory Commission (CBIRC) came after a growing number of home buyers across China threatened to stop making their mortgage payments for stalled property projects, aggravating a real estate crisis that has already hit the economy. read more Advertisement · Scroll to continue Investors have continued to dump Chinese banking stocks as well as developers’ shares and bonds, even after the CBIRC vowed on Thursday to strengthen its coordination with other regulators to “guarantee the delivery of homes”. read more In an interview with the official China Banking and Insurance New on Sunday, the CBIRC reiterated that it will support local governments to promote home delivery, and expressed confidence that with concerted efforts, “all the difficulties and problems will be properly solved.” Advertisement · Scroll to continue More specifically, the regulator urged banks to “shoulder social responsibility” and actively participate in the study of plans to fill the funding gap, so that the construction of stalled real estate projects can be resumed swiftly and homes can be delivered to buyers early. It also urged banks to strengthen communication with mortgage clients and support acquisitions of real estate projects to help stabilize the property market. Advertisement · Scroll to continue In addition, the watchdog said that financial risks in the northeastern province of Liaoning has been growing recently but were under control, and the government will take measures to prevent risks at China’s small lenders. (credits:google)
The European Development Bank’s annual general assembly this week raised one billion euros ($1.04 billion) in aid for Ukraine, according to the institution’s president.
The funding supplements a two-billion-euro “resilience package” announced by the European Bank for Reconstruction and Development at the outset of Russia’s invasion of Ukraine.
“Donors have expressed the intention” to provide one billion euros to the bank “in response to the war on Ukraine”, EBRD president Odile Renaud-Basso said at a news conference in the Moroccan city Marrakesh.
The EBRD forecast this week that the Ukrainian economy will shrink by 30 percent this year, more than previously estimated.
Ukraine estimates that it needs around $5 billion per month just to cover its budget deficit.
It also wants donors to focus also on its future reconstruction.
In a video connection address to the EBRD on Wednesday, Ukraine’s Finance Minister Sergiy Marchenko encouraged international donors to “maximize” efforts to support his country.
Marchenko estimates that Kyiv can only pay roughly 62 percent of its primary budget demands, excluding military spending.
Ukraine has been requesting greater assistance from Western countries.
On Tuesday, US legislators approved a $40 billion aid package for Ukraine.
If the bill passes the Senate as expected, the US will pay $54 billion to strengthen Ukraine’s defenses and manage the resulting humanitarian disaster.
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