According to the official data, banks in Shenzhen granted 315.8 billion yuan (US$44.7 billion) worth of new yuan loans in the first quarter of 2020, an increase of 71.8 billion yuan from the same period last year. Photo: Edward Wong According to the official data, banks in Shenzhen granted 315.8 billion yuan (US$44.7 billion) worth of new yuan loans in the first quarter of 2020, an increase of 71.8 billion yuan from the same period last year. Photo: Edward Wong
According to the official data, banks in Shenzhen granted 315.8 billion yuan (US$44.7 billion) worth of new yuan loans in the first quarter of 2020, an increase of 71.8 billion yuan from the same period last year. Photo: Edward Wong

Coronavirus: China’s bank loans intended to help small businesses are actually fanning Shenzhen’s property bubble

  • Beijing has promised help to small and medium-sized businesses amid the outbreak of Covid-19, with additional liquidity released into the banking system
  • But the loans are in some cases behind obtained by dummy shell corporations and used illegally for real estate investments

Topic |   Coronavirus pandemic
According to the official data, banks in Shenzhen granted 315.8 billion yuan (US$44.7 billion) worth of new yuan loans in the first quarter of 2020, an increase of 71.8 billion yuan from the same period last year. Photo: Edward Wong According to the official data, banks in Shenzhen granted 315.8 billion yuan (US$44.7 billion) worth of new yuan loans in the first quarter of 2020, an increase of 71.8 billion yuan from the same period last year. Photo: Edward Wong
According to the official data, banks in Shenzhen granted 315.8 billion yuan (US$44.7 billion) worth of new yuan loans in the first quarter of 2020, an increase of 71.8 billion yuan from the same period last year. Photo: Edward Wong
READ FULL ARTICLE