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Property Developer Secures Offshore Loan - Securities Times Network

CHINA PRESS

Longfor Group has become the first property developer to receive an offshore loan from a state bank, following recent government instructions to help repair overseas financing channels for housing developers, according to the Securities Times Network. Lonfor received a CNY700 million offshore loan from the Bank of China, which came with a financing guarantee from a domestic branch. The move aims to promote overseas investors' confidence, eases the pressure of debt repayment, and alleviates the risk of debt default. Outstanding overseas debt of real estate enterprises in the Q1 of 2023 will exceed CNY100 billion, the paper said.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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