China Banks Rush to Offer Loans for State Buying of Unsold Homes [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Industrial & Commercial Bank of China Ltd. and other state lenders are guiding managers to lend against the purchased properties as collateral, according to people familiar with the matter. ICBC didn't respond to a request for a comment. ADVERTISEMENT The directives — aimed largely as a way to clear excess housing inventory — underscore the urgency in addressing the nation's property crisis. The push is fraught with challenges for banks, given uncertainties around property valuations and state firms' ability to generate returns. The People's Bank of China last week said it would establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes. The support package also includes lower down-payment requirements for homebuyers. The central bank cash will translate into an estimated 500 billion yuan of credit overall with funding to be extended to 21 banks at a rate of 1.75%. The l
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