China resumed 21% of the delayed housing projects in 2022

China resumed 21% of the delayed housing projects in 2022

Posted on January 20, 2023   |  

In 2022, China launched multiple initiatives to start idling property developments and lift their developers from a funding shortage, but at the end of the year, 21% of the stalled projects fully resumed construction.

At the end of December, out of 290 housing projects, the full construction of 62 projects had resumed, while 126 were stalled and 102 partially resumed.

Policymakers and local governments pledged to restart stalled construction as soon as possible and it will take 2-3 years and a total of 1.6 trillion to 1.8 trillion yuan to finish all stalled housing projects.

The People's Bank of China launched a 200 billion yuan ($29.8 billion) re-lending program and policy banks issued 200 billion yuan in special loans for local governments to inject into stalled projects.