Nov 22, 2022 05:45 AM

ECONOMY

Central Bank Plans New Lending Tool to Support Embattled Developers

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What’s new: China’s central bank is developing a new policy tool to encourage commercial banks to extend loans to developers struggling with stalled construction, People’s Bank of China Governor Yi Gang said Monday at a forum.

The central bank plans to provide 200 billion yuan ($28 billion) of new loan quotas at zero cost for commercial banks to lend to cash-strapped developers that missed delivery schedules for residential projects, people familiar with the matter told Caixin.

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