Shimao Property Holdings Ltd. (00813.HK) said it will offer 30 billion yuan (US$4.84 billion) in credit to residential buyers who apply for mortgage loans this year, a senior executive said Tuesday.
The developer is working with China’s big four banks to provide the facility, tapping about 20 billion yuan of deposits in the banking system, vice chairman Jason Hui told a press conference.
The move is a counter-measure against any further government curbs in the housing market and tightening mortgage policy.
Hui said the credit is different from those being offered by some Guangdong property developers but did not elaborate. He expects it to boost sales of the company’s residential projects.
Shimao will launch boutique hotels and malls this year and expects 6 percent to 8 percent return on investment from these properties.
It is targeting 80 billion yuan in contracted sales this year, up from actual sales at 67.07 billion yuan last year.
Shimao had achieved more tha 60 billion yuan of contracted sales as of March 25, about 75 percent of the target, it said in a statement.
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