Longfor Gets $101 Million of Offshore Loans From Bank of China

What’s new: Longfor Group Holdings Ltd. became the first Chinese property developer to receive offshore loans from a state-owned bank as part of the government’s array of efforts to bolster the long-troubled real estate sector.

Bank of China, one of China’s four largest state-owned banks, offered 700 million yuan ($100.8 million) of offshore loans to Longfor. The funds were drawn down Dec. 9 to meet the developer’s liquidity needs, the lender said.