China will extend two financial policies supporting the stable and healthy development of the real estate market to the end of 2024, according to a notice released by the People's Bank of China and the National Administration of Financial Regulation on Monday.

The country's financial authorities rolled out a 16-step guideline last November to beef up policy support for the housing sector. The relevant policies will now be extended to Dec. 31, 2024, the notice said.

The purpose of the move is to guide financial institutions to continue deferring loan payments for real estate enterprises, while propping up financial support for the real estate enterprises to ensure the delivery of housing projects, according to the document.

The notice said the extended financial policies focus on two areas: supporting the reasonable deferral of property development loans and credit loans, and encouraging financial institutions to provide policy support for special loans that ensure the delivery of housing projects.

"The financial management department extended two financial policies of the 16-step guideline which have specific expiration dates. This has, to a certain extent, removed the worries of financial institutions and improved the situation where some of them might not dare or be willing to give loans. The latest move will also encourage them to issue matching loans to special loan support programs and continue to improve the financing situation for real estate enterprises. It will also stabilize market confidence and expectations, promote healthy and steady development of the real estate market and boost the recovery of the macro economy," said Dong Ximiao, a researcher with the Institute for Financial Studies of Fudan University.

The financial authorities added that other than the two policies extended this time, other policies that have no expiration date will stay active for the long term. They also urged relevant bodies to carry out sound implementation of the latest measure.