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Bond Market News
China’s State Banks Assign $8bn for Property Projects
February 21, 2024
China’s state banks have assigned ~RMB 60bn ($8.3bn) of loans for property projects on white lists, i.e. which are eligible for state support. According to the statement released, AgBank of China has approved RMB 40bn ($5.6bn) of loans, while China Construction Bank extended RMB 3bn ($0.4bn) to five property projects with more than RMB 20bn ($2.8bn) of approved loans in the pipeline. Local branches of Industrial & Commercial Bank of China and Bank of China also extended support to some projects, without revealing the total amount of loans that had been extended. The move comes after Beijing last month urged local authorities to support financing needs of developers and ordered banks to step up lending to the property sector.
Dollar bonds of Chinese developers and other related companies have inched higher.
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