CHINA Six major Chinese state banks sign agreements to boost real-estate market

CHINA

Six major Chinese state banks sign agreements to boost real-estate market

Xinhua

14:58, November 25, 2022

A branch of Industrial and Commercial Bank of China. (File Photo: Xinhua)

BEIJING, Nov. 25 (Xinhua) -- China's six major state-owned commercial banks have signed agreements with high-quality real estate enterprises, aiming to facilitate the stable and healthy development of the real-estate market.

The six banks announced the provision of financing support amounting to more than 1 trillion yuan (about 140.2 billion U.S. dollars), mainly for real estate development, mortgages to consumers, mergers and acquisitions, supply chain financing and bond investments.

The six commercial banks are -- Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China.

The People's Bank of China and the China Banking and Insurance Regulatory Commission issued a guideline Wednesday, encouraging commercial banks to provide and manage loans for the acquisition of real-estate projects in a prudent and orderly manner.

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