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SOE Banks Boost Lending To Developers

CHINA PRESS
MNI (Singapore)

Large state-owned banks reached cooperation agreements with property developers to provide credit, following this week's joint pledge by top regulators to increase financial support for the sector, reported financial news agency Cls.cn. As of Thursday, six major state-owned banks agreed to provide credit lines totalling CNY1.275 trillion to 17 developers, with Industrial and Commercial Bank of China lending to 12 of them, Cls.cn said.

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Large state-owned banks reached cooperation agreements with property developers to provide credit, following this week's joint pledge by top regulators to increase financial support for the sector, reported financial news agency Cls.cn. As of Thursday, six major state-owned banks agreed to provide credit lines totalling CNY1.275 trillion to 17 developers, with Industrial and Commercial Bank of China lending to 12 of them, Cls.cn said.