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Chinese lender BoCom agrees $14 billion credit line with developer Vanke

Wednesday, November 23, 2022
Chinese lender BoCom agrees $14 billion credit line with developer Vanke © Reuters. FILE PHOTO: A Vanke sign is seen above workers working at the construction site of a residential building in Dalian, Liaoning province, China September 16, 2019. REUTERS/Stringer
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BEIJING (Reuters) -China's Bank of Communications Co Ltd (BoCom) said on Wednesday it would provide a 100 billion yuan ($13.98 billion) credit line to developer Vanke in the latest sign of support for the embattled property sector.

Chinese authorities have announced a flurry of fiscal measures recently to ease pressure on debt-laden developers and reverse a severe housing slump. The property sector makes up about a quarter of the economy.

Vanke is the country's second-largest developer by sales.

Under the agreement, BoCom will likely offer Vanke property development loans, mortgage loans and loans for merger and acquisition deals, according to a statement released by the lender.

The lender will also provide funds to the developer via letters of guarantee and bond investment, it said.

The agreement is part of the bank's efforts to implement 16 measures outlined by Chinese regulators to support the property sector, it said in the statement.

"BoCom will continue to fulfill the responsibility of a state-owned bank, (and) accurately promote high-quality economic development with high-quality financial services," it said.

The bank also agreed to provide a 20 billion yuan line of credit to Midea Real Estate Holding Ltd, according to a separate statement it released on Wednesday.

China's property sector, once a pillar of growth, has slowed sharply this year due to government efforts to restrict excessive borrowing by developers.

The clampdown has triggered falls in property investment, sales and prices, and a growing number of bond defaults. Construction of many housing projects has stalled, scaring away potential home buyers.

In the latest policy move, China's central bank will provide 200 billion yuan in loans to six commercial banks for housing completions, according to a deputy central bank official quoted by the state-run Economic Daily on Monday.

Many analysts, however, believe the property market will take a long time to recover.

($1=7.1531 Chinese yuan renminbi)

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