Exclusive: China central bank to offer cheap loans to support developers' bonds-sources
The People's Bank of China hopes the loans will boost market sentiment toward the heavily indebted property sector, which has lurched from crisis to crisis over the past year, and rescue a number of private developers, said the people, who asked not to be named as they were not authorised to speak to the media.
China has stepped up support in recent weeks for the property sector, a pillar accounting for a quarter of the world's second-biggest economy. Many developers defaulted on their debt obligations and were forced to halt construction.
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