By the end of the year, China plans to increase bank credit for unfinished real estate projects to $561.8 billion by expanding its “whitelist,” the country's housing ministry announced on Thursday.

The statement was made during a news conference by Ni Hong, China's minister of housing and urban-rural development, together with representatives from the National Financial Regulatory Administration, the Finance Ministry, and the Central Bank. Lending to whitelisted developers has previously been approved for a total of $313 billion. By the end of 2024, that amount would have nearly doubled to $561.8 billion, a top financial regulatory administration official said.

China's "whitelist" program, which was introduced in January, enables local governments to suggest housing developments to banks for quicker financing. The idea was to see incomplete home developments completed so purchasers could finally receive them.

According to Xiao Yuanqi, the administration's deputy minister, all commercial housing developments are now qualified for the "whitelist" initiative. This was announced on Thursday. The list should grow as a result of the relocation.

According to CNBC's translation of the Chinese, Xiao also emphasized that banks ought to use cash "as soon as possible," adding that they might deliver the loans to developers in whole rather than in installments. The meeting was the most recent in a slew of high-level statements about government policies meant to stimulate the economy.

The governor of the People's Bank of China, Pan Gongsheng, stated in late September that the reserve requirement ratio, or RRR,—the minimum amount of cash that banks must have on hand—would be lowered by 50 basis points. Additionally, he reduced the national minimum down payment requirement for second-home loans from 25% to 15%.

A few days later, representatives at a high-level gathering presided over by Chinese President Xi Jinping promised to stop the downturn in the China property market and promote a steady recovery.