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Mortgage-backed debt sales resume

By Bloomberg ( China Daily ) Updated: 2014-07-22 07:30:04

The government will revive mortgage-backed debt sales this week after a six-year hiatus, as China extends more help to homebuyers in a flagging property market.

Postal Savings Bank of China Co, which has 39,000 branches in the country, plans to sell 6.8 billion yuan ($1.1 billion) of the notes backed by residential mortgages on Tuesday, according to a July 15 statement on the website of Chinabond. The last such security in the nation was sold by China Construction Bank Co in 2007, Bloomberg-compiled data show.

Premier Li Keqiang is seeking to avert a collapse of the real estate market after data last week showed new home prices dropped in a record number of cities in the world's second-largest economy. The central bank in May called on the nation's biggest lenders to accelerate the granting of mortgages to first-home buyers, and cities including Nanning, Hohhot and Jinan eased property restrictions.

Mortgage-backed debt sales resume

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