Yi Gang Proposes Establishment of Real Estate Pre-Sale Fund Insurance Mechanism
Yi Gang, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference Economic Committee, on Thursday suggested the creation of a real estate pre-sale fund insurance mechanism.
Proposed funding, estimated at around 10 billion yuan annually, would be extracted from the central government or the People's Bank of China, equivalent to 1% of the pre-sale regulatory funds balance. Real estate enterprises may utilize a portion of pre-sale regulatory account funds in accordance with their governance structures, potentially unlocking around 1 trillion yuan for immediate use.
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