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Chinese Bank Increases Housing Loans
China Construction Bank, one of four largest state-owned commercial banks in China, has pledged to provide more housing loans to individual buyers to promote the development of this banking service.
According to statistics, by the end of April the bank had extended a total of 150 billion yuan (18 billion US dollars) of housing loans to Chinese individuals with total outstanding loans estimated at 100 billion yuan. So far the bank had cut more than half of the shares of China's housing loan market.
The bank has also promised to provide policy banking loans at lower interest rates which house buyers can obtain with public housing funds and common commercial banking loans at higher interest rates.
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