The Chinese central government has arranged for the expansion of lending for policy-directed rental accommodation in five more Chinese cities.
On 12 June the municipal governments of five Chinese cities executed a policy rental housing strategic cooperative agreement with China Construction Bank (CCB) in Beijing.
The Ministry of Housing and Urban-Rural Development (MOHURD) was responsible for arranging the agreements, with the five participating cities including Shenyang, Nanjing, Hefei, Qingdao and Changsha.
Under the agreement over the next three years CCB will provide the five cities with at least 110 billion yuan (USD$15.53 billion) in loans, to support over 400,000 policy rental housing units.
The move follows the execution of similar agreements by CCB with a first group of six cities on 9 May, including Guangzhou, Hangzhou, Jinan, Zhengzhou, Fuzhou and Suzhou.