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China’s AgBank Says Overdue Loans From Mortgage Boycott Double

  • Lender posts 5.8% profit gain in first half on lending boost
  • Sector faces tumult from slowing economy, property crisis
Bloomberg business news
China’s Agricultural Bank Says Overdue Loans From Mortgage Boycott Double
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Agricultural Bank of China Ltd., the nation’s third-largest bank by assets, said it’s facing 1.23 billion yuan ($178 million) in overdue loans, nearly double a previous estimate, from a mortgage boycott on unfinished projects that has swept the country.  

After reporting a small gain in earnings on Monday, the Beijing-based lender revealed that the overdue loans are linked to 1,112 projects. It had previously estimated 660 million yuan in loans were affected by the unprecedented protests. Overall, AgBank’s non-performing loan ratio on real estate grew to 3.97% from 3.39% at the end of 2021.