Shanghai As of Friday, ten real estate developers, including Vanke and Country Garden, will receive loan lines worth more than 600 billion yuan ($83.8 billion) from Bank of China Ltd.
The action was taken as China’s state-owned banks worked to address Beijing’s request to relieve a liquidity problem in the troubled real estate industry.
Related: According to sources, the central bank of China will provide inexpensive loans to support developer bonds.
(1 USD = 7.1638 CNY renminbi).