The latest move by Chinese officials to support economic growth in the world’s number two economy is a slew of policies unveiled by the country’s housing ministry that would strengthen the country’s real estate market.

In a move reminiscent of the country’s previous real estate crisis, the ministry announced on Thursday that it will repair one million flats in so-called urban shantytowns and expedite loans for struggling property developers.

Ni Hong, minister of housing and urban-rural development, announced that the government’s “white list” of housing projects will receive additional funding of 4 trillion yuan, or $550 billion, in loans by the end of this year. Hong urged banks to lend to as many projects as they could.

Apartment complexes that are on Beijing’s “white list” can get loans from the government to finish construction and guarantee home deliveries.

There were 2.23 trillion yuan in loans for approved projects as of Wednesday. During the same conference, Xiao Yuanqi, deputy director of the State Financial Regulatory Administration, stated that by the end of 2024, that figure will have doubled.

One million apartments in urban shantytowns would be renovated by the government, according to the housing minister, who announced the plan to monetize resettlements.

In 2015, China also began a program to rehabilitate slums with funding from the government. Back then, state policy banks lent money to local governments so they could pay for programs that replaced or compensated homeowners whose homes were demolished.

Ni mentioned that state banks will also provide financial assistance during Thursday’s briefing, adding that municipalities can raise money for revitalization by issuing special-purpose bonds. And the minister went on to say that commercial banks can also lend money to these kinds of initiatives.

Policymakers in China are also considering ways to encourage property investment. Tao Ling, a vice governor at the People’s Bank of China, stated that the bank is contemplating enabling policy banks and commercial lenders to lend money to real estate developers so that they can purchase land. The bank might also use its lending facilities to assist banks with loans like this.

The Chinese economy has taken a major hit due to the protracted real estate slump. The real estate market has begun to show some signs of life following the announcement of several stimulus measures by the central bank last month.

According to Ni, who spoke at the briefing, “positive and optimistic results” are anticipated in the October property data.