Home  Contact Us
  Follow Us On:
 
Search:
Advertising Advertising Free Newsletter Free E-Newsletter
NEWS

China's 'Big Six' State Banks Offer Developers $130 Billion in Credit Lines
Published on: 2022-11-25
Share to
User Rating: / 0
PoorBest 

China’s biggest commercial banks have pledged at least $130 billion in fresh credit to property developers, bolstering recent regulatory measures to ease a stifling cash crunch in the sector and triggering a rally in property shares.
 

Three state-owned banks lined up around $99 billion worth of credit lines to developers on Thursday, a day after three other lenders committed $31 billion, responding to Beijing’s call for support.
 

The authorities have been stepping up measures in recent weeks to support developers, after many defaulted on their debt obligations and were forced to halt construction.
 

The massive, coordinated injection of liquidity into the property sector buoyed the shares of major developers on Thursday.
 

Country Garden, China’s top developer by sales, closed more than 20% higher after state media reported on Thursday it had received a credit line from Postal Savings Bank of China worth at least 50 billion yuan ($7.00 billion).
 

China Vanke, CIFI Holdings and Greentown China rose between 8.4% and 18.4% in Hong Kong.
 

A gauge tracking the sector, the Hang Seng Mainland Property Index, closed up 6.8%.
 

Industrial and Commercial Bank of China (ICBC) , the world’s largest bank by assets, said on Thursday that it has agreed to offer 655 billion yuan of financing to 12 property firms including Vanke, Longfor and Country Garden.
 

六大行与优质房企签约

截至目前,工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行等六大国有商业银行均已宣布与多家优质房企签署合作协议,提供意向性融资支持超过万亿元。

Comments (0)Add Comment

Write comment

security code
Write the displayed characters


busy
    Subscription    |     Advertising    |     Contact Us    |
Address: Magnetic Plaza, Building A4, 6th Floor, Binshui Xi Dao.
Nankai District. 300381 TIANJIN. PR CHINA
Tel: +86 22 23917700
E-mail: webmaster@businesstianjin.com
Copyright 2024 BusinessTianjin.com. All rights reserved.