To the People's Bank of China (PBOC) Shanghai Head Office, PBOC branches in all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state plan; regulatory bureaus of the National Financial Regulatory Administration (NFRA); China Development Bank, Agricultural Development Bank, all state-owned commercial banks, Postal Savings Bank of China, and all joint-stock commercial banks; all trust companies, insurance companies, and financial asset management companies:

To implement the decisions and arrangements of the CPC Central Committee and the State Council, meet the reasonable financing needs of the real estate sector, and promote the stable and healthy development of the real estate market, some issues are announced as follows:

I. The applicable period of the reasonable extension policy for outstanding loans such as property development loans and trust loans in the Notice of the People’s Bank of China and China Banking and Insurance Regulatory Commission on Providing Financial Support for the Stable and Healthy Development of the Real Estate Market (Yinfa No. 254 [2022]) is extended until December 31, 2026.

II. If relevant policies in the Notice of the General Administration Department of the People’s Bank of China and the General Office of National Financial Regulatory Administration on Effectively Managing Commercial Property Loans (Yinbanfa No.8 [2024]) have an applicable period, the applicable period will be extended until December 31, 2026.

                                                    The People's Bank of China

                                          National Financial Regulatory Administration

                                                     September 24, 2024