Morgan Stanley's chief economist in China, Xing Ziqiang, recently stated that to bring real estate inventory back to normal levels and return to a reasonable level, it may require 3-4 trillion yuan in quasi-fiscal funding support. In May, the People's Bank of China proposed to establish a 300 billion yuan re-lending facility for affordable housing, encouraging and guiding financial institutions to support local state-owned enterprises in acquiring completed but unsold commercial housing at reasonable prices according to market-oriented and legal principles, to be used as distribution or rental-type affordable housing, with an expected drive of 500 billion yuan in bank loans. (Jiemian)
邢自强：房地产库存回归常态需3万亿—4万亿准财政资金支持
Xing Ziqiang: Real estate inventory needs 3-4 trillion yuan of quasi-fiscal funds to return to normal
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