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A real estate construction site in Beijing, China, November 15, 2022. /CFP
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 credit support amounting to more than 1 trillion yuan ($140 billion), mainly for real estate development, consumer mortgages, mergers and acquisitions, supply chain financing, and bond investments.
The six commercial banks are the 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 move comes after a 16-step guideline issued by the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) on Wednesday, which encouraged commercial banks to grant loans for the acquisition of real estate projects in a prudent and orderly manner.
From January to October, China's banking sector lent 2.64 trillion yuan to property developers, according to the CBIRC.
"The government's recent actions to step up support for developers' funding could improve the companies' financial flexibility and partly temper their near-term refinancing pressures," said Kelly Chen, a Moody's vice president and senior analyst.
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Disinformation report hotline: 010-85061466