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Longfor Group Holdings Limited (LNGPF)

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2.8700-0.3900 (-11.96%)
At close: 11:00AM EDT
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  • Reuters

    Exclusive-Some Chinese financiers cold shoulder Beijing's property rescue call-sources

    Some of China's state-backed financial institutions are pushing back on Beijing's calls to support the embattled property sector due to concerns about the impact of such exposure on their balance sheets, seven people with knowledge of the matter said. Without explicit financial backstop from Beijing, senior executives at some of the institutions are wary of engaging with cash-strapped developers and later dealing with potential losses of their own, said two of the sources. Signing off on financial support to struggling developers has become a concern as employees are increasingly held accountable by authorities for poor lending and investment decisions, said the two sources.