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Chongqing Bank Shares Tumble as China Bad Loans Rise

(Corrects headline to show that bad loans rose)

Aug. 18 (Bloomberg) -- Shares of Chongqing Rural Commercial Bank Co. fell by the most in more than two months in Hong Kong after the Chinese lender reported a jump in bad loans.

The stock fell 6 percent to HK$3.76, the biggest decline since June 5, as of 1:42 p.m. local time today.

The lender’s non-performing loans jumped 17 percent in the six months through June 30 to 1.92 billion yuan ($312 million), the company said in an exchange filing on Aug. 15. The ratio of soured loans to total credit rose to 0.85 percent from 0.8 percent.

(An earlier version of this story was corrected because of a mistaken currency conversion.)

To contact the reporter on this story: Alfred Liu in Hong Kong at aliu226@bloomberg.net

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Paul Panckhurst, Darren Boey

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