China said on Thursday it would boost the credit available to the ailing property market and help renovate a million homes as it unveiled another round of measures to shore up the sector and try to reignite the economy.

Minister of Housing and Urban-Rural Development Ni Hong said Beijing would expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to four trillion yuan.

Redevelopment of cities will also gather pace, with a million "urban villages" to be included in such plans, Ni said at a press conference, adding that people being resettled would help absorb existing housing inventories.

The pledges for more financing for cash-strapped developers and urban redevelopments are part of a series of measures announced in recent weeks aimed at stabilising a sector that plunged into crisis in 2021 and has acted as a drag on growth in the world's second largest economy.

"It can be said that the bottoming out of the property market has begun," Ni told reporters.

In January, China announced a plan for a "white list" of projects that can receive financing to ensure that developers could complete construction and deliver homes to buyers.

As of this summer, banks had approved 5,392 such projects, with financing reaching nearly 1.4 trillion yuan.

Approved loans for the "white list" projects had risen to 2.23 trillion yuan as of October 16, Xiao Yuanqi, deputy director of the State Financial Regulatory Administration, said at the press conference.

On Saturday, finance ministry officials also announced measures to prop up the property sector, allowing local governments to use funds from special bonds to buy unsold homes and idle land.

In late September, the central bank announced measures including cuts in the minimum down payment ratio to 15 percent for all buyers.

Interest rates on existing mortgages are expected to drop by an average half a percentage point, benefiting 50 million households and 150 million residents, Tao Ling, a deputy governor at the central bank, said at the same press conference.

The rate cuts helped households save 150 billion yuan, she said.

Since last year, China had implemented incremental policies to lift home buyer confidence amid concerns about persistently declining home prices, timely deliveries of homes by developers, and the status of their own jobs and incomes in a fragile economy. (Agencies)