Major Chinese developer Country Garden has signed a contract with the Postal Savings Bank of China for a credit line of up to RMB 50 billion ($7.0 billion), reports Reuters.
The credit line will be used for loans for land development, mergers and acquisitions, and mortgage financing, it said. On Wednesday, three other commercial banks agreed to provide fundraising support to property developers, including industry giant Vanke , in a coordinated effort to support the country’s embattled property sector.