China’s mega banks, led by Industrial & Commercial Bank of China Ltd. (ICBC), pledged financing support of at least 1.28 trillion yuan ($179 billion) to property developers as part of a push to ease turmoil in the nation’s real estate market.
China’s mega banks, led by Industrial & Commercial Bank of China Ltd. , pledged financing support of at least 1.28 trillion yuan to property developers as part of a push to ease turmoil in the nation’s real estate market.
Property stocks and bonds rallied on the additional funding, as China seeks to contain the fallout from a crackdown that has already sparked dozens of defaults and sent property sales and prices tumbling. China’s priority has been to ensure that unfinished homes get completed, while supporting the stronger firms that have so far survived the crisis.
The barrage of bank financing wasn’t extended to China Evergrande Group, the country’s most-indebted developer that in large part kicked off the current turmoil, as well as Sunac China Holdings Ltd.more than 7 percent on Thursday and extended gains on Friday, according to a Bloomberg Intelligence stock index of developers.
The big state-owned banks have since set up special mechanisms to ensure quick implementation of the measures, and created whitelists for qualified regional developers to extend maturities of their existing development loans, according to a representative of the China Banking and Insurance Regulatory Commission, who declined to be identified because they aren’t authorized to speak publicly.
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