Reported 5 months ago
China's major banks are encouraging branch managers to provide loans to state-owned companies purchasing unsold homes, showing support for the government's housing rescue plan. Industrial & Commercial Bank of China Ltd. and other state lenders are advising managers to lend against the bought properties as collateral, highlighting the urgency to tackle the nation's property crisis. The People’s Bank of China announced a program to release 300 billion yuan ($41.5 billion) in funding to aid state-owned firms in buying unsold homes, aiming to address the real estate sector's challenges.
Source: YAHOO