Wuhan: Pilot program launched for collective mortgage establishment of divided property use rights.

The Wuhan Municipal Housing and Urban Renewal Bureau, the Wuhan Municipal Natural Resources and Urban-Rural Development Bureau, and the Wuhan Municipal Local Financial Administration Bureau issued implementation opinions on carrying out the Notice on Improving the Commodity Housing Sales System. Among other things, it mentions giving play to the role of the financing coordination mechanism. Before August 28, 2026, for pre-sale commodity housing projects that have already signed development loan contracts, in accordance with market-oriented and law-based principles, and after full consultation between the lead bank and the real estate development enterprise, reasonable financing needs of the projects may be met through new financing, loan extensions, or adjustment of repayment plans, among other methods, so as to ease the pressure of project construction funding and align the disbursement of development loans with the project construction cycle. A pilot program for collective mortgage establishment on divided property rights to land use rights shall be carried out. Where a real estate project development company applies for a development loan using land use rights as collateral, it shall establish a collective mortgage on divided land use rights, and specific measures shall be formulated separately.