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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

FILE PHOTO: Real estate projects under construction are seen in the Shekou area of Shenzhen, Guangdong province, China November 19, 2021. REUTERS/David Kirton

BEIJING : 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
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