China plans $29 bn in special loans to troubled developers: Report

Hundreds of thousands of middle-class Chinese have been caught in limbo after making down payments and taking out loans on properties that cash-strapped developers are now struggling to complete

China will offer 200 billion yuan ($29.3 billion) in special loans to ensure stalled housing projects are delivered to buyers, people familiar with the matter said, ramping up financing support for its beleaguered property sector.

The previously unreported size of the lending program, which was announced with scant details by China’s housing ministry, finance ministry and the central bank late Friday, would make it the biggest financial commitment yet from Beijing to contain a property crisis that’s seen home prices slump and real estate sales plummet.

Hundreds of thousands of middle-class Chinese have been caught in limbo after making down