ABC to intensify support for government-subsidized housing

ABC will keep close watch on relevant policies to intensify its efforts in supporting the construction of government-subsidized housing, while shift its priority to quality projects. It will focus on the projects developed by enterprises with strong economic strength and with complete legal procedures.

In 2011, 10 million government-subsidized houses are expected to be constructed, involving more than US$128 billion construction funds which is estimated by the Ministry of Housing and Urban-Rural Development.

In light of the various construction modes of government-subsidized houses, Agricultural Bank of China Limited or ABC will endeavor to improve the mechanism and product system to better meet market demands, and adopt more effective management measures to achieve sound development under controllable risks.

ABC has actively provided credit support to the construction of government-subsidized housing across the country to respond to the state policy. In 2010, ABC granted loans of US$670 million in total for government-subsidized housing development. At the end of 2010, the balance of such loans stood at US$1.48 billion, supporting 63 government-subsidized housing projects, with a total floor area of 5,020,000m².