Real estate financing coordination mechanisms established in 276 Chinese cities

BEIJING -- A total of 276 cities in 31 provincial-level regions across China have established real estate financing coordination mechanisms by Wednesday, official data showed Thursday.

About 6,000 property projects have been included on the "white lists" that are eligible for financing support, according to the Ministry of Housing and Urban-Rural Development.

Commercial banks acted swiftly to review these projects and have approved loans of more than 200 billion yuan ($28.2 billion), the ministry said.

China in January announced a plan to establish a financing coordination mechanism for the real estate sector with the aim of satisfying the legitimate financing needs of property projects and supporting the stable and sound growth of the market.