China is eyeing $137 billion of new funding to boost housing market – Bloomberg News

(Reuters) – China plans to provide at least 1 trillion yuan ($137.22 billion) of low-cost financing to the nation’s urban village renovation and affordable housing programs, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The People’s Bank of China (PBOC) will inject funds in phases through policy banks, with the money ultimately trickling down to households for home purchases, Bloomberg News reported.

($1 = 7.2875 Chinese yuan renminbi)

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Kim Coghill)