Industrial and Commercial Bank of China (ICBC)scales up its efforts to provide financial services for renovation of old residential communities and support the improvement of people’s residential conditions. Recently, ICBC supported Shanghai Nanfang (Group) Co., Ltd. to participate in the reinforcement and renovation of old residential communities in Huangpu District, and created a new fund raising channel in this respect.

ICBC, by continuously improving its urbanization-related credit policies and product mix, has created a series of quality credit products and services on urban infrastructure construction, industrial park construction, shantytown renovation, urban renewal (urban redevelopment), building of a new countryside, and other fields involved in urbanization. Currently, ICBC has launched loan business for urban renewal in 15 cities including Beijing, Shanghai, Shenzhen, Guangzhou, Wuhan, Nanjing, etc.. By the end of June 2020, its outstanding urban renewal loan reached over RMB33 billion, thus effectively satisfying fund demands in urban renewal and renovation.