Yi Gang Proposes New Plan for Chinese Real Estate Developers

China’s former central bank governor Yi Gang has proposed a new approach for Chinese real estate developers to access pre-sale funds, aiming to provide a potential boost to the country’s struggling property market. Yi suggested that if the central government or People’s Bank of China insured pre-sale proceeds, developers could immediately withdraw 1 trillion yuan ($139 billion). This proposal was made during the Chinese People’s Political Consultative Conference assembly meeting on Thursday.