(Yicai) Feb. 19 -- Five of China’s six state-owned banks already announced they have begun issuing loans to some of the real estate projects added to the country’s new financing whitelist, which was implemented last month to aid struggling developers.

Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, and Industrial and Commercial Bank of China have talked with over 8,200 whitelisted real estate projects so far, with the loans for some of them already issued or reviewed, Yicai calculated from the lenders’ statements. Postal Savings Bank of China has yet to release any relates information.

China introduced a new financing whitelist that allows local governments to collect and examine real estate projects under development, including those from property developers in financial difficulties, and compile a recommendation list to be sent to banks for consideration. The new system aims to ensure the delivery of projects.

ICBC announced that as of Feb. 8, it had already held talks on more than 2,000 whitelisted property projects and completed the loan issuance to multiple of them in several cities.

ABC communicated with over 2,700 whitelisted projects and completed the review and approval of loans worth nearly CNY5 billion (USD694.9 million) to over 10 of them as of Feb. 11, the lender recently announced.

CCB talked with over 2,000 whitelisted projects, finished reviewing and approving loans worth over CNY20 billion (USD2.8 billion) to nearly 100 projects, and issued almost CNY3 billion worth of loans to five property projects.

According to the state-owned banks’ statements, the loans issued will satisfy the reasonable fundraising demand of property developers, including private ones, Yicai learned.

Eighty-four percent of the projects inducted into the first batch of whitelisted projects are of private and mixed-ownership developers, Liu Shui, corporate research director at the China Index Academy, told Yicai. This indicates that the whitelist system’s feature of treating projects equally regardless of the ownership status of their developers is indeed ensured, Liu added.

The accelerated enforcement of the whitelist system will effectively ease the financing tension faced by many developers, support the continuous development, construction, and delivery of projects, and hopefully help alleviate developers’ liquidity issues, thus facilitating real estate investment, Liu noted.

Editors: Tang Shihua, Futura Costaglione