Municipal lender Bank of Beijing (BOB) has entered special lending agreements with key real estate enterprises, amidst a push from Chinese regulators for the provision of greater financial support to the beleaguered property sector.
On 8 December, BOB held a ceremony for the signing of strategic cooperative agreements with key property enterprises including Vanke Group, China Overseas Property, China Merchants Shekou, China Resources Land, BBMG Group, Capital Development Group, Urban Construction Group and Binjiang Group.
The agreements outline the provision of up to 250 billion yuan in financing to these enterprises, for the purpose of “jointly advancing the stable and healthy development of the real estate market.”
“Positive circulation in the real estate market has major significance for overall economic and social development,” said BOB president Yang Shujian (杨书剑).
“BOB will firmly and thoroughly implement the resolutions and arrangements of the party central committee and the State Council, uphold the overall position that ‘houses are for occupation, not speculation,’ and continue to properly perform the steady provision of real estate loans.
“In future, BOB will satisfy the rational financing needs of enterprises with a focus on real estate development loans, personal home mortgages, real estate takeover financing, bond underwriting investment and real estate investment trusts.”