Date
12 December 2017
Chinese banks are seeking to step up mortgage lending to shore up the floundering housing market. Photo: Bloomberg
Chinese banks are seeking to step up mortgage lending to shore up the floundering housing market. Photo: Bloomberg

Agricultural Bank, BOC seek to boost mortage lending

Agricultural Bank of China Ltd. (01288.HK, 601988.CN) and Bank of China Ltd. (03988.HK, 601988.CN) are encouraging their branches to step up mortgage lending in the mainland, the Wall Street Journal reported Thursday.

The moves by two of China’s biggest state-run lenders come as the nation’s property market continues to weaken, the report noted.

Agricultural Bank was quoted as saying that it will step up lending to the housing sector with a priority toward demand from home buyers.

Bank of China, meanwhile, said it is encouraging its branches to make more mortgages available. Branches can coordinate with governments and adjust mortgage policies in accordance with local market conditions.

Neither bank set specific targets, the report said.

A source from Bank of China was quoted as saying that detailed instructions could come later.

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RC

 

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