On October 30, a financial frontline report stated that China Construction Bank held its 2026 third-quarter earnings briefing. Vice President and Board Secretary Ji Zhihong said that regarding the August 28 real estate new policies, the introduction of a series of policy frameworks has provided a solid institutional and policy foundation for building a new real estate development model and promoting the steady and healthy development of the real estate market, which is conducive to stabilizing market expectations and restoring market confidence.
As a major state-owned bank, China Construction Bank Corporation (ASX: 601939) will, as always, resolutely implement the national policy direction, proactively align with the new policy requirements, and leverage the group's advantages to provide comprehensive financial services to real estate enterprise groups, project companies, and individual homebuyers.
Regarding real estate development loans, the new policies explicitly implement a lead bank system and closed management of project funds, and optimize arrangements in terms of loan tenor and collateral requirements. This will drive real estate development loan disbursement from the traditional model toward refined management centered on the project's own cash flow and matching the full lifecycle of project construction. From the perspective of disbursement pace, the new policies clearly standardize the project financing logic, which is conducive to the orderly release of financing needs for high-quality compliant projects and to the steady disbursement of real estate development loans. From the perspective of risk control, the lead bank system and closed management promote the dedicated use of project funds, effectively isolating the transmission of group risks to individual projects.
Regarding individual housing loans, first, the new policies extend the maximum term of individual housing loans to 40 years and relax the upper limit of the ratio of total monthly debt expenditure to income to 60%, which will help reasonably enhance residents' ability to pay for home purchases through loans and provide more options for homebuyers. Second, the new policies adjust the disbursement timing of individual housing loans for pre-sold commercial housing from the completion of the main structure to the filing of completion acceptance. The delayed loan disbursement will prevent delivery risks from the source, safeguard homebuyers' ability to "get the home first, then repay the loan," effectively protect the legitimate rights and interests of homebuyers, and help boost buyer confidence and release housing demand.
From a risk perspective, first, the new policies will effectively block the impact of unfinished housing projects on borrowers' willingness to repay, reducing complaints and defaults triggered by projects not being delivered on schedule. Second, measures such as reasonably deferring repayment timing, loan extensions, and delayed principal repayment provide borrowers with temporary repayment difficulties more options for adjusting repayment plans, effectively reducing repayment pressure and lowering default risks caused by income fluctuations. Overall, the August 28 real estate new policies are conducive to commercial banks maintaining stable individual housing loan disbursement and stable asset quality, and better serving residents' rigid and improvement housing needs.
Regarding the September 29 interest subsidy policy, based on past data, loans eligible for interest subsidies account for approximately 50% of the total, indicating broad policy coverage. The interest subsidy policy focuses on first-home rigid demand, supports ordinary families in newly purchasing small-to-medium-sized and lower-priced housing, helps new citizens, young people, and urban wage-earning families reduce costs and burdens, promotes the release of rigid housing demand among urban and rural residents, contributes to structural destocking and revitalizing market transactions, and plays a positive role in stabilizing the real estate market.
Ji Zhihong stated that next, China Construction Bank Corporation (ASX: 601939) will continue to proactively adapt to the new real estate development model, provide society with higher-quality housing financial services, and support the steady and healthy development of the real estate market.
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