To China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks,

To support local state-owned enterprises in purchasing completed yet unsold housing at reasonable prices and in turning them into affordable housing, and to further enhance market-based incentives for financial institutions and acquiring entities, the People’s Bank of China (PBOC) has decided to adjust and improve relevant policies for central bank lending for affordable housing. For eligible loans issued by financial institutions, central bank lending issued by the PBOC to financial institutions will be increased from 60 percent of the loan principal to 100 percent.

In the case of any inconsistency between previous policies and this notice, this notice shall prevail. Other matters, operational procedures, and work requirements for central bank lending for affordable housing will continue to follow relevant provisions of the “Notice of the People's Bank of China on Launching Central Bank Lending for Affordable Housing” (Yinfa No. 110 [2024]) and the “Notice of the People's Bank of China and the National Financial Regulatory Administration on Implementing Central Bank Lending for Affordable Housing” (Yinfa No. 135 [2024]).

General Administration Department of the People’s Bank of China

September 27, 2024