Economic news

China c. bank discusses asset disposals by property firms, sources say

2022.04.25 12:55

China c. bank discusses asset disposals by property firms, sources say
FILE PHOTO: People wearing face masks walk past the headquarters of Chinese central bank People’s Bank of China (PBOC), April 4, 2020. REUTERS/Tingshu Wang

HONG KONG/BEIJING (Reuters) -China’s central bank met banks last week to discuss the disposal of non-performing assets by property developers, four sources with knowledge of the matter said, as regulators seek to shore up the real estate industry which has been knocked by defaults.

A dozen of cash-strapped property firms, including China Evergrande Group and Kaisa Group, were invited to the meeting on Tuesday, two of the sources said.

The People’s Bank of China (PBOC) encouraged commercial banks at the meeting to offer new loans and extend existing loans to developers, the sources said.

Five national asset management companies were also present at the meeting, the sources added.

China Securities Journal first reported the meeting, saying the developers which attended included Zhongliang Holdings and Yango Group.

Kaisa declined to comment. PBOC, Evergrande, Zhongliang and Yango did not respond to requests for comment.

Beijing has signalled there would be more government support for the embattled sector after bond payment defaults by Evergrande and other property developers rattled global markets.

But China’s pledges to shore up the industry have done little to boost prospects, developers have said, as they struggle to access funding and many local government authorities remain reluctant to ease development rules.

Two developers which attended Tuesday’s meetings said on Monday they were not very optimistic about prospects for securing more financing from banks.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,834.68 2.46%
ethereum
Ethereum (ETH) $ 2,646.70 3.11%
xrp
XRP (XRP) $ 2.56 4.55%
tether
Tether (USDT) $ 0.999633 0.08%
bnb
BNB (BNB) $ 645.36 1.82%
solana
Solana (SOL) $ 168.83 3.11%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.239222 5.40%
cardano
Cardano (ADA) $ 0.763054 4.93%
staked-ether
Lido Staked Ether (STETH) $ 2,641.51 3.34%
tron
TRON (TRX) $ 0.236946 4.16%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,715.64 2.15%
chainlink
Chainlink (LINK) $ 17.38 4.72%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,160.27 3.19%
avalanche-2
Avalanche (AVAX) $ 24.68 1.40%
sui
Sui (SUI) $ 3.28 4.01%
stellar
Stellar (XLM) $ 0.325968 5.09%
litecoin
Litecoin (LTC) $ 127.47 0.60%
leo-token
LEO Token (LEO) $ 9.76 0.51%
hedera-hashgraph
Hedera (HBAR) $ 0.212851 3.01%
the-open-network
Toncoin (TON) $ 3.56 1.59%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 2.87%
hyperliquid
Hyperliquid (HYPE) $ 24.86 2.36%
usds
USDS (USDS) $ 1.00 0.36%
polkadot
Polkadot (DOT) $ 5.09 0.97%
weth
WETH (WETH) $ 2,646.15 3.14%
mantra-dao
MANTRA (OM) $ 7.55 5.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 314.56 3.45%
ethena-usde
Ethena USDe (USDE) $ 0.99611 0.32%
bitget-token
Bitget Token (BGB) $ 4.73 5.03%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,806.34 3.17%
uniswap
Uniswap (UNI) $ 8.72 6.48%
monero
Monero (XMR) $ 229.57 0.42%
whitebit
WhiteBIT Coin (WBT) $ 27.28 0.70%
near
NEAR Protocol (NEAR) $ 3.32 4.69%
pepe
Pepe (PEPE) $ 0.000009 3.93%
bittensor
Bittensor (TAO) $ 438.87 4.41%
aave
Aave (AAVE) $ 241.04 7.64%
aptos
Aptos (APT) $ 6.02 4.17%
ondo-finance
Ondo (ONDO) $ 1.12 9.80%
dai
Dai (DAI) $ 0.999775 0.01%
internet-computer
Internet Computer (ICP) $ 6.93 3.13%
official-trump
Official Trump (TRUMP) $ 15.91 5.05%
mantle
Mantle (MNT) $ 0.899031 12.61%
ethereum-classic
Ethereum Classic (ETC) $ 20.14 3.63%
tokenize-xchange
Tokenize Xchange (TKX) $ 37.67 1.87%
okb
OKB (OKB) $ 48.87 1.09%
gatechain-token
Gate (GT) $ 22.84 0.42%
susds
sUSDS (SUSDS) $ 1.04 0.10%
sonic-3
Sonic (prev. FTM) (S) $ 0.849022 1.45%