China Banks Rush to Offer Loans for State Buying of Unsold Homes
- ICBC, other state banks tell local branches to offer lending
- China’s real estate crisis has sapped confidence, growth
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China’s mega banks are urging branch managers to lend to state-owned companies that buy unsold homes, offering a quick show of support for the government’s housing rescue package unveiled last week.
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.