China to Provide $137 Billion in Affordable Housing Loans
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China plans to provide at least 1 trillion yuan ($137 billion) in low-cost financing for urban village renovation and affordable housing.
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Funding will come from the People's Bank of China and be injected through policy banks.
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Money will ultimately go to households to help finance home purchases.
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Bloomberg News reported on the financing plan, citing sources familiar with the matter.
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Funding will be provided in phases over time according to the report.