Print This Page Email This Page
China to Enhance Credit Support to Post-quake Rural House Reconstruction

Chinese lenders are urged to beef up credit support for farmers hit by the May 12 earthquake to rebuild their homes, according to a joint statement by the People's Bank of China, the central bank, and the China Banking Regulatory Commission on Friday.

The central bank reiterated the floor for mortgage interest rates would remain at 60 percent of its benchmark rate to facilitate loans to rural residents left homeless by the 8.0 magnitude earthquake centered in the southwest China's Sichuan Province.

A wide range of issues, including a debtor's income history, revenue expectancy and family workforce, should be taken into account when financial institutions set up loan quotas and expiration periods, according to the statement.

Lenders are encouraged to broaden the channels for loan repayment to lessen pressure on debtors. In the meantime, they were urged to remain alert against bad loans.

The devastating Sichuan quake left more than 80,000 dead and millions homeless. Direct losses exceeded 845.1 billion yuan (US$124 billion). The unprecedented housing reconstruction was confounded as most victims were cash-strapped rural residents.

Commercial lenders were told earlier to cut mortgage down payments for home buyers in quake regions to 10 percent, lower than the 20 percent standard elsewhere around the country.

(Xinhua News Agency October 26, 2008)

Related Stories
- A Thrifty Expo for Quake-hit Areas
- HK to Aid Sichuan in Quake Rebuilding
- Tibet Seeks Financial Aid for Quake-zone Reconstruction
- Anti-quake Heroes Honored as Post-quake Construction Goes on
- Quake-hit Sichuan Releases Subsidy Plan on Reconstruction
- New Railways to Aid Quake Reconstruction
- Quake-hit Sichuan Faces Large Financial Gap for Reconstruction

Print This Page Email This Page
Properous Quanzhou to Host Largest-ever Chinese Peasants' Games
ASEM Agrees to Issue the Beijing Declaration
China, EU Found 1st Joint Law School
Equal Job Opportunities Called for Rural, Urban Residents
High Energy Beams a Boost for Tumor Treatments
China Gives Green Light for Farmers to Subcontract Farmland

Product Directory
China Search
Country Search
Hot Buys