Reuters
China plans to set up real estate fund worth up to $44 billion -source
BEIJING/HONG KONG (Reuters) -China will set up a real estate fund to help developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44.4 billion), according to a state bank official with direct knowledge of the matter. The size of the fund would initially be set at 80 billion yuan through support from China Construction Bank and the People’s Bank of China (PBOC), the person, who declined to be identified due to the sensitivity of the matter, told Reuters. Reuters has reached out for comment from China Construction Bank, the PBOC and China’s cabinet, the State Council.
