HONG KONG/SHANGHAI/BEIJING, Dec 2 (Reuters) – China has ordered its top four state-owned banks to issue offshore loans to help developers repay overseas debt, three people with knowledge of the matter told Reuters, rolling out its latest support measure for the cash-starved property sector.
The regulators have given ‘window guidance’, or verbal orders that leave no paper trail, to the banks, setting a date of Dec. 10 by which to make the loans secured against domestic assets, two of the sources said.
China has stepped up support measures in recent weeks to free up a liquidity squeeze that has stifled the sector, which makes up a quarter of the world’s second-largest economy and has been a key driver of growth.
A growing list of developer…
Read the full article at: https://www.reuters.com/world/china/chinas-top-banks-issue-offshore-loans-help-developers-repay-debt-sources-2022-12-02/