BEIJING, July 10 -- 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.

China's financial authorities rolled out a 16-step guideline last November to beef up policy support for the housing sector. The country will now extend relevant policies 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.