China State Banks Earmark Over $8 Billion for Property Projects [BNN Bloomberg (Canada)]
AGRICULTURAL B/C UNSP/ADR (ACGBY)
NASDAQ:AMEX Investor Relations:
abchina.com/en/investor-relations
Company Research
Source: BNN Bloomberg
Agricultural Bank of China Ltd. approved more than 40 billion yuan of loans for real estate projects on white lists, the lender said in a statement Monday. China Construction Bank Corp. extended 3 billion yuan to five property projects, with more than 20 billion yuan of approved loans in the pipeline, it said late Friday. Local branches of Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. also moved to offer financing support to some projects, according to statements over the weekend. They didn't reveal the total amount of loans that had been extended or are being planned. The announcements came after Beijing urged local authorities last month to better support financing needs of developers and draft lists of eligible projects. Policymakers ordered banks to step up lending to the property sector, which saw credit growth last quarter slow to the weakest in more than a year, undermining the ability of developers to complete homes. By establishing a “coordination m
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