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November 29, 2022
$84 Billion: Bank to Bail Out China’s Property Sector
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NTD News
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China's real estate market is heading south and Beijing is now desperate to pump the brakes with major money in hand.
Bank of China, the country's fourth-largest bank, has pledged a hefty line of credit to 10 real estate developers. Meaning they can borrow on a revolving basis to smooth out cash flow.
The amount totals more than $600 billion yuan, equivalent to about US$84 billion.
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