ICBC to Support Low-Income Housing Construction
OREANDA-NEWS. February 10, 2012. Earlier, ICBC successfully underwrote one tranche of private placement bonds in national interbank bond market for the two low-income housing projects of Zhongguancun Development Group. The net proceed of RMB 900 million will be used in the construction of public rental housing in Beijing Haidian Sujiatuo and Mafang New Village and the Environment Protection Park public rental housing, for talented people, reported the press-centre of ICBC.
Since October 2011, ICBC has successfully issued private placement bonds for Beijing companies involved in the pilot of the construction of low-income housing. That includes BBMG Corporation, Low-income Housing Construction Investment Center and Zhongguancun Development Group. A total of RMB 4.9 billion has been raised, providing funds to many key low-income housing projects in Beijing, the affordable housing in Yanshan Cement Factory, Shijingshan District, the capped-price housing in South of Dandianxicun, Dongba, Chaoyang District, the public rental housing in South Area of Beiyuan, Chaoyang District, targeted resettlement housing in Area 5 of Olympic Village. Today, ICBC is the largest underwriting organization in China in term of underwriting low-income housing projects and providing financial support to low-income housing.
Being the largest bond underwriting financial institution in China in terms of offering size, product category and underwriting strength, this year ICBC will provide more funding to support low-income housing projects, said an executive with ICBC. Leveraging its best-quality financial services, ICBC will use different financial tools like bond finance to participate and support the construction of low-income housing, keeping in mind to meet the funding needs of low-income housing projects.