Categories: Economy

Steps continue to save China’s construction industry

In China, Bank of Communications (BoCom) announced that it will support eight construction companies, responding to the government’s call to alleviate the severe liquidity crisis in the construction industry.

After many construction companies in China were unable to pay their debts and had to stop construction on their homes, the authorities have increased the measures they have taken in recent weeks to support the construction sector, which accounts for around a quarter of of the economy.

LAST MONTH 162 BILLION DOLLARS OF LOAN GRANTED

BoCom has announced that it will increase cooperation with several construction companies, including Longfor, Gemdale and Greentown, in the areas of real estate development lending, M&A deal lending and bond investing.

Six of China’s largest commercial banks, including BoCom, gave construction companies at least $162 billion in new loans last month. (Reuters)

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.