The Agricultural Bank of China said on Monday that the bank will make available an additional 50 billion yuan in loans to the market, with a focus on the real estate sector.
The Bank of China, China Construction Bank and China Development Bank have already announced that they will increase their lendings. ABC said it will inject an additional 50 billion yuan in loans to the market. Its focus will be on investing in infrastructure and property.
ABC also said the bank will support high-quality developers who develop small and medium housing projects. The bank says it will release new policies regarding individual housing loans in the near future.
First-time purchasers will probably enjoy preferential policies, like the 20 percent downpayments that the central government has suggested.
(CCTV November 18, 2008)
