One of China’s big state-owned banks has entered a financing agreement with a leading real estate enterprise as part of efforts to keep the Chinese property market in fine fettle.
On 24 November Postal Savings Bank of China (PSBC) entered a comprehensive strategic agreement with Vanke Group. Under the agreement, PSBC will provide Vanke with a financing quota of 100 billion yuan.
PSBC will also provide Vanke Group with “diversified comprehensive financial services,” including real estate loans, personal home mortgages, takeover loans, bond underwriting and investment, letters of guarantee and supply chain financing.
The move comes just as ICBC entered an agreement with 12 nationwide real estate enterprises, including Vanke, for more than 650 billion yuan in financing.