Bank of China agrees to provide credit lines totaling more than 600 billion yuan to 10 property developers

Bank of China agrees to provide credit lines totaling more than 600 billion yuan to 10 property developers
© Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo

BEIJING (Reuters) – Bank of China Ltd announced Friday that it had agreed to provide credit lines totaling more than 600 billion yuan ($83.8 billion) to 10 property developers, including Vanke and Country Garden.

The move came as China’s state-owned banks took efforts to respond to Beijing’s call to ease a liquidity crisis in the embattled property sector.

($1 = 7.1638 Chinese yuan renminbi)

Source: Reuters