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, in Beijing’s latest support measure for the cash-starved property sector. | Reuters
Now a debt maturity wall looms for developers, with $39 billion of debt set to mature in the first quarter of next year, and $10 billion of that is denominated in dollars, Refinitiv data shows.
Each of the four banks– Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China –will pick several developers to fund, the three sources said. The People’s Bank of China, the central bank, and the China Banking and Insurance Regulatory Commission did not immediately respond to Reuters’ requests for comment.The big four banks did not respond to requests for comment, nor did representatives of CIFI, Country Garden, Longfor, Midea Real Estate and Seazen.Beijing’s aggressive support for the property sector represents a retreat from a crackdown begun in 2020, targeting speculators and indebted developers in a bid to reduce financial risk.
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