Chinese banks are lossening their purse strings in a bid to ease the liquidity crisis of stricken property developers. Photo: DPA
Chinese banks are lossening their purse strings in a bid to ease the liquidity crisis of stricken property developers. Photo: DPA

State-owned Chinese banks step up support for cash-strapped developers as they help to raise offshore loans

  • ICBC reportedly plans to provide US$300 million in offshore loans to Country Garden backed by a domestic guarantee
  • Bank of China provided Longfor Group with US$700 million on Friday, which it used to redeem a US$300 million offshore bond due in April 2023

Chinese banks are lossening their purse strings in a bid to ease the liquidity crisis of stricken property developers. Photo: DPA
Chinese banks are lossening their purse strings in a bid to ease the liquidity crisis of stricken property developers. Photo: DPA
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