ICBC leads big banks to offer $179 bn aid to China's real estate developers

China's priority has been to ensure that unfinished homes get completed, while supporting the stronger firms that have so far survived the crisis

China’s mega banks, led by Industrial & Commercial Bank of China Ltd., pledged financing support of at least 1.28 trillion yuan ($179 billion) to property developers as part of a push to ease turmoil in the nation’s real estate market. 
 

ICBC, the world’s largest bank by assets, on Thursday said it would provide 655 billion yuan in credit lines to 12 developers, including Country Garden Holdings Co. Bank of China Ltd., Bank of Communications Co., Postal Savings Bank of China Ltd. and Agricultural Bank of China Ltd. and China Construction Bank Corp. also disclosed they would extend financing. 

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