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

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Updated: Nov 25, 2022, 09:52 UTC

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.

Paramilitary police officers stand guard in front of the headquarters of PBOC in Beijing

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)

(Reporting by Ziyi Tang and Ryan Woo; Editing by Toby Chopra)

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