THOUSANDS of real estate projects in China are set to receive funding under a new “whitelist” financing program, as policymakers intensify efforts to support the property sector.

Under the “project whitelist” mechanism launched Jan. 26, local governments of in cities across the country are gearing up to recommend to banks residential projects that need financial support.

By the end of January, 170 cities in 26 provinces had proposed their first batch of more than 3,000 favored projects to commercial banks, with a total 17.86 billion yuan (US$2.48 billion) in loans already earmarked for 83 such projects, domestic media reported Sunday, citing official sources.

China has rolled out a flurry of support measures since late last year to aid the real estate market, allowing more people to buy homes with lower mortgage rates and removing some of the financing restrictions previously imposed on property developers.

Of the 3,218 projects on the whitelists, 84% are from private builders and companies with diversified ownerships, China Real Estate Business Weekly reported.

These include China’s largest private property developer Country Garden, which said Saturday more than 30 of its projects had been listed as suitable for financing support from local governments. (SD-Agencies)