China today announced plans to expand bank lending for “whitelist” real estate projects to 4 trillion RMB ($561.8 billion) by the end of 2024, nearly doubling the current 2.23 trillion RMB in approved loans. The move aims to bolster the struggling property sector, which accounts for about a quarter of China’s economy.

However, investors and economists deemed the measures insufficient, with the CSI300 real estate index dropping 5% following the announcement. The property market has been in decline since 2021, when Beijing cracked down on developers’ high debt levels.