PBoC to set up property bailout fund, reports say

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China’s central bank will establish a fund worth up to 300 billion yuan ($44 billion) to bail out property developers, according to unconfirmed news agency reports.

The fund will initially have 80 billion yuan, largely from the People’s Bank of China, according to an official speaking anonymously to Reuters. Of this, 50 billion yuan will be channelled via the state-owned China Construction Bank, financed by the PBOC’s re-lending facility, the official said.

Other banks will join in to raise

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