China’s Country Garden gets new credit line of up to $7 billion – Securities Times

HONG KONG (Reuters) – Major Chinese developer Country Garden has signed a contract with the Postal Savings Bank of China for a credit line of up to 50 billion yuan ($7.0 billion), Securities Times reported on Thursday.

The credit line will be used for loans for land development, mergers and acquisitions, and mortgage financing, it said. On Wednesday, three other commercial banks agreed to provide fundraising support to property developers, including industry giant Vanke, in a coordinated effort to support the country’s embattled property sector.

($1 = 7.1429 Chinese yuan renminbi)

(Reporting by Xie Yu; Editing by Muralikumar Anantharaman)