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Banks announce billions in aid for real estate sector

China’s state-owned banks seek to bolster the finances of the country’s ailing construction companies with loans worth billions. Several state-owned banks announced a package of new credit lines worth more than 220 billion yuan (about 29 billion euros) on Wednesday. The Bank of Communications was the first to announce support with a credit line of about 100 billion yuan for Chinese developer Vanke. About 20 billion yuan were agreed for Midea Real Estate, according to Ban. The loans would support the needs of construction companies, Bank of Communications said. The Bank of China announced another 100 billion yuan credit line for Vanke. The Agricultural Bank of China almost simultaneously announced loans for five real estate developers, but did not disclose exact figures.

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