Earlier, ICBC as the lead underwriter for BBMG Corporation has successfully issued the 2011 first tranche of private placement of debt instrument in nationwide interbank bond market, as revealed by the reporter from the Bank today. The RMB 2 billion raised will be used specially for two low-income housing projects in Beijing: the affordable houses in Yanshan Cement Factory, Shijingshan District, and the capped-price houses in South of Dandianxicun, Dongbaxiang, Chaoyang District.

Beginning from this year, ICBC has shifted its lending practices even more in the favor of low-income housing projects, said an executive with ICBC. Balance of low-incoming housing loans increased RMB 7.88 billion from January 2011 to RMB 20.3 billion at the end of September. Meanwhile, by moving forward its integrated financial services, ICBC actively participates and supports the low-income housing projects through different financial instruments such as bond financing.

The private placement of debt instrument underwritten this time for BBMG Corporation is one move of ICBC to offer more fund-raising channels and support to low-income housing construction. Worthy of note is that, while drawing up the issuance plan in line with the low-income housing project feature , ICBC embraced innovations on the terms, redemption right and fund supervision, which have been recognized by the National Association of Financial Market Institutional Investors, issuers and investors.