ICBC to offer $75bn credit for home rental in Guangdong capital Guangzhou
Industrial and Commercial Bank of China (ICBC) has said it will offer $75.4bn worth of credit to support the home rental market in Guangzhou.
It has also signed cooperation deals with two Guangzhou-based businesses, Yuexiu Group and Pearl River Enterprises Group. It is hoped the deals will aid the development of the residential leasing market in Guangzhou.
ICBC will offer credit to the two companies which can be used to develop and run residential rental projects, as well as offering financial services to tenants of these properties.
Guangzhou is the capital of Guangdong, and is located in the south of the province. Its urban population is estimated to be 11.5mn and the city has a total population density of around 1,900 per km sq.
The plans are part of an increasing push to encourage rental markets throughout the country.
In October, a ‘rental-only’ building project was launched in
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