Chinese Gov’t Asks Top Banks to Provide Over US$84 billion to Rescue Real Estate Sector

China’s financial regulators have asked its six largest banks to provide 600 billion yuan (US$84.32 billion) of financial support in any form including mortgages, loans to developers, and purchases of their bonds, to help recover the real estate sector.

Bloomberg News reported on 30 September that this is the latest scheme after a series of actions implemented by the Chinese government to help rescue the real estate sector from overindebted developers.

According to the report, those banks include Industrial & Commercial Bank of China Ltd., China Construction Bank Corp, PBOC, CBIRC, ICBC, and China Construction Bank.

China’s investment property investment dropped by 7.4% y-o-y in the first eight months of 2022, a further decrease of 1% in the first seven months. (Read more)

According to the National Bureau of Statistics (NBS) report, the total property investment in this period was 9.08 trillion yuan (US$1.31 trillion).

One of the causes of the real estate downturn in China is the debt crisis of large developers such as Evergrande.

Recently, China Evergrande has vowed to restart construction of all frozen property projects by the end of September, prompting a response to the nationwide mortgage boycott.

Meanwhile, the Chinese government also plans to issue 200 billion yuan (US$29 billion) in special loans to help developers finish their stalled housing projects, according to Caixin. (Read more)

- Video Advertisement -

Related Post

Cambodia and Australia Strengthen Ties with Investment and Trade Commitment

In a significant step towards enhancing bilateral relations, Cambodia and Australia have pledged to explore new strategies for expanding investment and trade cooperation. This commitment was solidified during a meeting held on May 19, 2025, between His Excellency Hun Manet, Prime Minister of Cambodia, and Ms. Frances Adamson, Premier of South Australia. The discussions highlighted […]

Cambodia and Laos Forge Stronger Agricultural Ties to Expand Mango Exports

In a significant move to enhance agricultural trade, Cambodia and Laos have reached an agreement to boost the export of Cambodian mango products to third countries via Laos’ high-speed rail system. This announcement was made during an official visit from April 30 to May 3, 2025, where H.E. Dith Tina, Cambodia’s Minister of Agriculture, met […]

AEON Breaks Ground on USD 46 Million Shopping Mall in Vietnam

  In a strategic move amidst the global economic downturn, Japanese retail giant AEON is strengthening its presence in Vietnam with the groundbreaking of a new shopping mall. On April 19, 2025, AEON Vietnam commenced construction on the AEON HAI DUONG shopping mall in Hai Duong province, located just north of Hanoi. The project has […]

Malaysia Bets on USD 250 Million Deal to Train 10K Semiconductor Specialists to Spark Homegrown Chip Design Revolution

Malaysia has sealed a landmark USD 250 million semiconductor partnership with UK-based Arm Holdings, granting the Southeast Asian nation access to Arm’s advanced intellectual property as it aims to shift from a manufacturing-based economy to a high-value design and innovation hub in the global chip supply chain. The agreement, formally signed on 5 March 2025 […]

Cambodia’s Steel Imports Surge in Early 2025

Cambodia’s steel imports significantly rose in the first quarter of 2025, with the nation importing iron and steel valued at USD217 million. This marks a remarkable 75% increase compared to USD124 million during the same period last year. According to a report released on 10 April by the General Department of Customs and Excise, iron […]

SchneiTec Dynamic Lists Green Bond Mobilising USD 50 million for Green Energy Development

SchneiTec Dynamic Co., Ltd has listed a green bond on the Cambodia Securities Exchange (CSX), mobilising USD 50 million for its green energy development project in Cambodia. The Official Green Bond Listing Ceremony was held on 11 April 2025, at the Cambodia Securities Exchange. During the ceremony, HE Sou Socheat, a Delegate of the Government […]