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ICBC to Increase Housing Loans by 100 Billion Yuan
The Industrial and Commercial Bank of China (ICBC) announced Monday that it plans to increase its housing loans this year by 100 billion yuan, of which 80 billion yuan will be used for individual housing loans.
A spokesman for the ICBC said the bank's housing loan business has been developing fast since it was initiated in 1995. Last year its housing loans increased more than 60 billion yuan, and the quality of the loans remain high, providing good financial services for residents' housing demands.
According to ICBC's prediction, by the year 2005, the bank will provide individual housing loans of over 500 billion yuan for at least five million families.
The spokesman said this year the ICBC will continue to strengthen the development of the housing loan business, efforts will be made to standardize business procedures, improve credit service quality, reinforce management and prevent risks, in order to ensure that the business develops with efficiency and quality.
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