Recently, the General Office of the China Banking and Insurance Regulatory Commission ("CBIRC") and the General Office of the Ministry of Natural Resources ("MNR") have jointly issued the Circular on Extending the Duration of the Pilot Program of Mortgages on the Right to Use Rural Collective Land for Construction Purposes (the "Circular").
The Circular reads that: 1. The validity period of the Interim Administrative Measures for Mortgages on the Right to Use Rural Collective Land for Construction Purposes (the "Interim Measures") is extended till December 31, 2019; 2. Banking financial institutions in the pilot regions shall, in line with requirements set out in the Interim Measures, steadily promote the business of mortgages on the right to use rural collective land for construction purposes; 3. Banking regulators and competent authorities of natural resources in the pilot regions shall timely report to the CBIRC and the MNR any issues arising out of the implementation of the Interim Measures.