China plans to collect up to 300 billion yuan (about $44.4 billion) to support real estate developers struggling to finish their projects, while over half a million buyers stopped mortgage payments on their unfinished homes in July.
The fund is collected by China’s State Council, financial information platform REDD reported on July 26. The China Construction Bank has contributed 50 billion yuan (about $7.4 billion) and China’s central bank—the People’s Bank of China (PBOC)—made an effort of 30 billion yuan (about $4.44 billion). The report didn’t indicate which organizations will pay the rest.
