China's property crisis is bleeding into its banking sector, which is being asked to prop up developers [Business Insider]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Business Insider
Non-performing loans at China's big four banks — Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China — jumped 10.4% in 2023, from 1.117 trillion Chinese yuan, about $155 billion, in 2022 to 1.23 trillion yuan. This is according to a Nikkei analysis based on the companies' earnings, which were released this week. The banks were all profitable last year, but their margins are being increasingly pressured by the fallout from China's real-estate debt crisis. Even so, Beijing is urging banks to boost financing for property developers featured on a "white list" of companies. China's real-estate sector has been mired in crisis since the second half of 2021, when a liquidity crunch at Evergrande — once China's second-largest developer — came to light. Evergrande is now in liquidation, while other Chinese real-estate developers have run into similar issues and have begun defaulting on their bond payments, spurring fears the
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