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Property

China urges banks to extend loans for real estate projects amid mortgage boycott

More homebuyers threaten to halt payments for held-up projects

A growing number of homebuyers across China have threatened to stop making their mortgage payments for stalled property projects.   © Reuters

SHANGHAI/BEIJING (Reuters) -- 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 homebuyers across China threatened to stop making their mortgage payments for stalled property projects, aggravating a real estate crisis that has already hit the economy.

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