China plans new real estate financing rules

FILE PHOTO: Workers are seen on scaffolding at a construction site in Nantong, Jiangsu province, China January 1, 2019. REUTERS/Stringer

BEIJING (Reuters) - China will institute new rules in real estate financing, its central bank said on Sunday.

The move comes after China’s Ministry of Housing and Urban-Rural Development and the People’s Bank of China (PBOC) held a conference last week in Beijing with property companies and other government bodies to discuss a long-term mechanism for regulation of the real estate market.

PBOC and the housing ministry will form capital and financing management rules for key real estate companies, the central bank said in a statement, without elaborating.

Reporting by Yawen Chen, Yilei Sun and Ryan Woo; Editing by Muralikumar Anantharaman