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HONG KONG (Reuters) – Bank of China, one of China’s top four state-owned banks, has offered offshore loans to cash-starved Chinese property developer Longfor Group Holdings Ltd, it said in a statement on Friday.
The move was part of the arrangement by regulators to help developers repay their debts as China has stepped up support in recent weeks to undo a liquidity squeeze that has stifled the sector, which makes up a quarter of the world’s second-largest economy and has been a key driver of growth.
