A PBOC official said in a Q&A on the Opinions on reforming and improving
property credit management that a lead-bank system will be established for
development loans to strengthen financial support for the property sector’s
transformation. Each real estate project will have a single lead bank that may
lend alone or lead a syndicate. Development-loan tenors should match
construction and sales cycles and cover the full period from project start to
completion and filing. Maximum tenors: presale projects up to 5 years;
completed-unit sales projects up to 7 years; commercial property up to 7 years.
In principle, principal repayments should begin after project completion and
filing.
