China’s central bank met banks last week to discuss the disposal of non-performing assets by property developers, four sources with knowledge of the matter said, as regulators seek to shore up the real estate industry which has been knocked by defaults.
The People’s Bank of China encouraged commercial banks at the meeting to offer new loans and extend existing loans to developers, the sources said.China Securities Journal first reported the meeting, saying the developers which attended included Zhongliang Holdings and Yango Group. Beijing has signaled there would be more government support for the embattled sector after bond payment defaults by Evergrande and other property developers rattled global markets.
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