AgriBank Said to Freeze Loans to Developers Until End of Month
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Agricultural Bank of China Ltd., the nation’s fourth largest by assets, froze lending to property developers for a week as it reviews outstanding loans to the industry, two people with knowledge of the matter said.
The bank issued the order to branches nationwide on Aug. 23 after its loans to developers jumped almost 28 percent in the first half, more than at local rivals, the people said, asking not to be identified as no announcement has been made. The ban will be lifted at the end of this month after Agricultural Bank completes the review, they said.