The two banks will provide 436 billion loans to support the renovation of old urban areas.

SMM: this morning, with the vigorous promotion of the Ministry of Housing and Construction, the China Development Bank signed cooperation agreements with Jilin, Zhejiang, Shandong, Hubei and Shaanxi provinces, and China Construction Bank and nine cities of Chongqing, Shenyang, Nanjing, Hefei, Fuzhou, Zhengzhou, Changsha, Guangzhou and Suzhou respectively to support market forces to participate in the transformation of old urban neighborhoods. According to the contents of the contract, in the next five years, the China Development Bank and the China Construction Bank are expected to provide a total of 436 billion yuan in loans to five provinces and nine cities, focusing on supporting the renovation projects of old urban neighborhoods with the participation of market forces. Among them, the China Development Bank is expected to provide 261 billion yuan in loans to five provinces, including Jilin, and the China Construction Bank is expected to provide 175 billion yuan in loans to nine cities, including Chongqing.

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