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ICBC Steps Up Financing of Housing
The Industrial and Commercial Bank of China (ICBC) announced Monday that this year it will put 30 percent of its newly increased loans to housing sector.
A spokesman for the ICBC said that the amount of loans invested in housing sector this year by the ICBC is expected to exceed 120 billion yuan (about 15.4 billion US dollars), with a net increase of 80 billion yuan over last year, of which up to 55 billion yuan will go to the individual housing sector.
In the first six months of this year, the ICBC's housing loan business has grown steadily. By the end of June, the outstanding amount of the bank's housing loans reached 135.6 billion yuan, increasing 32 billion yuan over the beginning of the year and 17.5 billion yuan over the same period last year.
The spokesman said that the ICBC will carry out a number of significant measures in the second half of this year to promote housing loan business, including the increase of loans, raising the planned new increase in housing loans from 50 billion yuan to 80 billion yuan, of which newly increased individual housing loans will be raised from 36 billion yuan to 55 billion yuan.
The bank will also produce new business species in accordance with market demand, and will simplify service procedures and upgrade electronics equipment to provide clients with faster and higher quality financial services, he said.
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