OREANDA-NEWS. March 20, 2013. ICBC has successfully underwritten one tranche of private placement bonds in national interbank bond market for Nanjing Housing Construction Group, and all of the RMB 6.5 billion raised in this way will be used in the construction of several housing projects for low income earners in Nanjing, including low-income housing project in Maigaoqiao Innovation Park in Qixia District,  affordable housing and low-income housing projects in Jiangning District. This is the largest private placement bonds issue for low-income housing construction since the beginning of this year.

Since October 2011, ICBC has underwritten private bonds to raise about RMB 12 billion for five pilot companies in low-income housing construction, namely BBMG Corporation, Beijing Public Housing Construction Center, Zhongguancun Development Group, Beijing Enterprises Group Company Limited and Nanjing Housing Construction Group.

The bond issue has provided financial support to 12 low-income housing projects, including affordable housing in Yanshan Cement Factory in Beijing's Shijingshan District, the price-capped housing in Dandianxicun, Dongbaxiang village in Beijing's Chaoyang District, the public rental housing in South Area of Beiyuan in Beijing's Chaoyang District, the resettlement housing in Beijing Olympic Village,  the public rental housing for talented people in Sujiatuo, Haidian District, Mafangxincun Village and Eco Park in Beijing; low-income housing in Nanjing's Maigaoqiao Innovation Park in Qixia District, affordable housing and low-income housing projects in Jiangning District, Nanjing.

Being the largest underwriter in China as of today in terms of underwriting the highest number of low-income housing projects, ICBC will make more efforts to support low-income housing projects, said an executive with ICBC. Leveraging its best-quality diversified financial services, ICBC will use different financial tools like bond finance to participate and support the construction of low-income housing so as to  better meet the funding needs of low-income housing projects.