Banks Boost Lending; Slump Spreads to London: Evergrande Update

Chinese banks continued to boost lending to the property sector in January, extending about 600 billion yuan ($94 billion) of loans, double the monthly average from the fourth quarter, China Securities Journal reported, citing regulatory and banking sources.

A Bloomberg Intelligence gauge of developers fell 1.7%, adding to the biggest drop in five months a day earlier, while Chinese junk dollar bonds saw declines extend in afternoon trade. Shares and notes of Logan Group Co. slumped after a downgrade from Moody’s Investors Service.