From 2010 to 2012, a total of 4.68 billion yuan ($756 million) in credit has been granted to the Pingtan Comprehensive Pilot Zone in Fujian for its land purchase and reserve projects, the Pingtan Times reported Wednesday.

A total of 21.8 billion yuan in loans, all issued by the Fujian branch of Agricultural Development Bank of China (ADBC), have been received, said Li Xiaoping, director of the county land reserve center.

These loans will go to land purchase and reserve projects in areas including Yangchao New District (first phase), Fuxin Sea Area in Xingfu Bay, Comprehensive Field Sea Area and Lancheng district.

The funding for land purchase and reserve projects depends not only on government assistance, but also financing strategies, according to Li Xiaoping.

ADBC is the first bank to sign deals with the pilot zone and has been supporting a slew of rural infrastructural construction projects, covering land purchase and reserve projects, settlement housing activities and water conservancy plans, he added.

Edited by Chen Zhilin and Michael Thai