Bank of China agrees to provide credit lines totaling more than 600 billion yuan to 10 property developers By Reuters
Economy 4 minutes ago (Nov 25, 2022 04:45AM ET)
(C) Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo
BEIJING (Reuters) – Bank of China Ltd announced Friday that it had agreed to provide credit lines totaling more than 600 billion yuan ($83.8 billion) to 10 property developers, including Vanke and Country Garden.
The move came as China’s state-owned banks took efforts to respond to Beijing’s call to ease a liquidity crisis in the embattled property sector.
($1 = 7.1638 Chinese yuan renminbi)
Bank of China agrees to provide credit lines totaling more than 600 billion yuan to 10 property developers
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