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Reuters
Reuters
Business
By Xie Yu and Ziyi Tang

China banks pledge $162 billion in credit to developers, shares rally

China Country Garden Gary Ng Longfor Vanke
FILE PHOTO: A worker tightens a scaffolding joint at a construction site of an apartment building under refurbishment in Beijing, China, July 20, 2022. REUTERS/Thomas Peter

China's biggest commercial banks have pledged at least $162 billion in fresh credit to property developers, bolstering recent regulatory measures to ease a stifling cash crunch in the sector and triggering a rally in property shares.

Three state-owned banks lined up around $131 billion worth of credit lines to developers on Thursday, a day after three other lenders committed $31 billion, responding to Beijing's call for support.

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