China Vanke Crisis May Continue to Spell Trouble for Chinese Lenders [BNN Bloomberg (Canada)]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: BNN Bloomberg
Vanke told brokerages that it's making plans to resolve liquidity pressure and short-term operational difficulties. The firm is preparing an asset package totaling about $18 billion to use as collateral as it seeks new bank loans, people familiar with the matter said earlier this month. Its crisis spells trouble for the country's major banks, including Bank of China Ltd., Agricultural Bank of China Ltd., Industrial & Commercial Bank of China Ltd., and China Construction Bank Corp. Lenders may hesitate to finance developers including Vanke amid government pressure to fund so-called white-list projects, Bloomberg Intelligence said. Loan growth may moderate to high-single digits in 2024 due to muted demand, BI analyst Francis Chan said. Loan risks are also rising for lenders HSBC Holdings Plc and Standard Chartered Plc in Hong Kong, threatening their commercial real estate and mortgage quality, he added. Highlights to look out for: Monday: China Vanke's (2202 HK) first-quarter r
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