Chinese Property Firms Get New Offshore Loans From Big Banks
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Country Garden Holdings Co. Ltd. and Longfor Group Holdings Ltd. are among the first private Chinese developers being lined up to receive offshore loans that could help their debt repayment, in the latest sign of support for the stricken property sector.
Industrial & Commercial Bank of China Ltd. plans to provide $300 million in offshore loans to Country Garden backed by a domestic guarantee, Chinese media outlet Cailian reported Monday, citing unidentified people. The exact amount isn’t final, according to the report.