BEIJING (Reuters) - China's banking and insurance regulator has issued guidelines urging banks and insurers to support the development of affordable rental housing, as Beijing vows to keep the property market stable.
The China Banking and Insurance Regulatory Commission urged commercial banks to undertake affordable rental housing projects, according to a statement published on its website on Friday.
Insurers should provide long-term financing support to affordable housing projects, it said.
The move aims to increase the supply of affordable rental housing to help migrants and young people, the regulator said.
China's housing minister pledged on Thursday to keep the real estate market stable this year and ensure genuine demand for homes is met, after a series of regulations aimed at reining in debt in the sector unsettled buyers and prompted a marked slowdown in the key property sector.
China aims to offer 2.4 million units for affordable rental housing this year, said Wang Menghui, head of the Ministry of Housing and Urban-Rural Development, after 942,000 units in 40 cities with high population inflows helped meet demand from three million people last year.
The regulator also asked China Development Bank, the country's leading policy bank, to enhance middle to long-term credit supports to affordable housing projects.