China's six state-owned banks to support property developers

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China's six state-owned banks to support property developers

The photo taken on September 9, 2020 shows the skyscrapers of the Central Business District in Beijing. PHOTO XINHUA BEIJING - China's six major state-owned commercial banks have signed agreements with high-quality real estate enterprises, aiming to promote the stable and healthy development of the real-estate market.

The financial support amount to more than 1 trillion yuan will be provided by the six banks, 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 ChinaChina 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.