China issued guidance creating a lead‑bank system for real‑estate development
loans: project companies must open project accounts at the lead bank; the lead
bank will singly or jointly originate development loans and exercise closed
management of project funds. Personal mortgage changes: disbursement timing can
be delayed, loans must be disbursed via entrusted payments, maximum loan tenors
may be extended, and banks are granted greater autonomy for debt restructurings.
The guidance enumerates allowable real‑estate loan types by stage:
development‑stage — commercial housing, affordable housing, rental development
and commercial‑real‑estate development loans; sales‑stage — personal mortgages,
group purchase loans for rental housing and commercial‑property purchase loans;
operation‑stage — commercial property operating loans and rental‑operations
loans. It allows new real‑estate loan categories to be introduced as economic
and social needs dictate.
