|Bid||0.5250 x 367000|
|Ask||0.5500 x 349800|
|Day's Range||0.5300 - 0.5300|
|52 Week Range||0.4780 - 0.6700|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
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China’s state-owned banks have launched a concerted effort to strengthen the finances of the country’s struggling property developers, with more than Rmb220bn ($30.7bn) being announced on Wednesday in new credit lines. Bank of Communications, China’s sixth-largest bank by assets, was the first to announce support, agreeing a Rmb100bn credit line for Chinese developer Vanke and Rmb20bn for Midea Real Estate, in a clear sign of greater government support for stronger players in the real estate sector. Bank of China, the fourth-biggest bank in China, later announced it would offer another Rmb100bn credit line to Vanke, while the Agricultural Bank of China, the country’s third-largest lender, said it would also offer credit lines to five developers — Vanke, China Overseas Land and Investment, China Resources Land, Longfor and Gemdale — but did not reveal any figures.
BEIJING (Reuters) -Three of China's biggest commercial banks have agreed to provide fundraising support to property developers, including industry giant Vanke, in a coordinated effort to support the country's embattled property sector. The property sector makes up about a quarter of China's economy. Bank of Communications Co Ltd (BoCom) said it agreed to provide a 100 billion yuan ($13.98 billion) line of credit to Vanke and a 20 billion yuan line of credit to Midea Real Estate Holding Ltd, two separate statements issued by the bank said on Wednesday.
BEIJING/SHANGHAI (Reuters) -China's Bank of Communications (BoCom) on Friday warned of liquidity risks in the property sector after it posted an almost 5% rise in first half net profit. "Asset quality control in the second half of the year still faces fairly large challenges and pressures, such as the liquidity problems seen in the real estate industry," said Chief Risk Officer Lin Hua in a press conference, adding that risk could spread to other industries. Lin also expects the quality of retail credit assets to fluctuate in the second half with the risk on credit card debt fairly high.