Caixin
Dec 02, 2022 06:06 AM
FINANCE

Commercial Banks Offer $310 Billion of Credit Lines to Developers

Chinese regulators rolled out a series of measures in recent weeks to arrest a protracted slump in the multitrillion-dollar property sector
Chinese regulators rolled out a series of measures in recent weeks to arrest a protracted slump in the multitrillion-dollar property sector

China’s joint stock banks and smaller city commercial lenders handed out more than 2.2 trillion yuan ($310 billion) of credit lines to property developers as of Thursday, following big state rivals in response to regulators’ calls for greater financing support for the cash-strapped real estate sector.

More than 30 developers including top players such as China Vanke Co. Ltd., Longfor Properties Co. Ltd., Midea Real Estate Group and Country Garden have received credit lines offered by the banks, according to Caixin calculations based on publicly available data. Other state-owned and private builders in Shanghai, Chongqing, Shandong, Guangxi and Fujian have also benefited.

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