China’s financial regulators have asked its six largest banks to offer at least 600 billion yuan (US$84.32 billion) of financial support to the property sector in a bid to gear up for the deepening liquidity crisis, Bloomberg News reported on Friday (Sep 30), citing people familiar with the matter.
The People’s Bank of China and the China Banking and Insurance Regulatory Commission have told these state-owned banks to help in any form including mortgages, loans to developers and purchases of their bonds, the report said.