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    CHIB   PHY138161229

CHINA BANKING CORPORATION

(CHIB)
  Report
End-of-day quote Philippines Stock Exchange  -  2022-12-05
27.80 PHP   -0.18%
12/02Exclusive-China's top banks to issue offshore loans to help developers repay debt -sources
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11/24China's bank sector issued 2.64 trillion yuan in real estate development loans in Jan-Oct
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China's bank sector issued 2.64 trillion yuan in real estate development loans in Jan-Oct

11/24/2022 | 06:47am EST
Unfinished apartments in Guilin

BEIJING (Reuters) - China's banking sector issued 2.64 trillion yuan ($369 billion) in real estate development loans and 4.84 trillion yuan in mortgage loans from January to October, China's banking regulator said on Thursday, amid efforts to support the sector.

Special funds for housing completion have been made available for projects, an official at the China Banking and Insurance Regulatory Commission (CBIRC) told media, adding that financial support policies would be put in place to ensure that real estate financing would be smooth and orderly.

The banking regulator will also guide banks to provide credit issuance to the property sector, it said.

Six of China's largest lenders have agreed to provide at least $130 in fresh credit to property developers, adding to recent regulatory support measures to ease a stifling cash crunch in the sector.

The CBIRC will also require the country's 12 national joint-stock banks to treat state-owned and privately-owned real estate enterprises equally, supporting the sector via methods such as loan extensions, the official said.

The banks should resolutely avoid pulling credit from developers and are encouraged to improve the efficiency of loan approvals, it said.

As of end-September, banks' outstanding loans to project development stood at 12.16 trillion yuan ($1.91 trillion), up by 0.02% from a year earlier, according to central bank data.

($1 = 7.1372 Chinese yuan renminbi)

(Reporting by Liangping Gao, Ziyi Tang and Ryan Woo; Editing by Raissa Kasolowsky and Elaine Hardcastle)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA BANKING CORPORATION -0.18% 27.8 End-of-day quote.6.92%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.06% 6.97302 Delayed Quote.9.64%
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Analyst Recommendations on CHINA BANKING CORPORATION
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Financials
Sales 2022 44 153 M 790 M 790 M
Net income 2022 16 780 M 300 M 300 M
Net Debt 2022 - - -
P/E ratio 2022 4,46x
Yield 2022 -
Capitalization 74 818 M 1 339 M 1 339 M
Capi. / Sales 2022 1,69x
Capi. / Sales 2023 1,57x
Nbr of Employees 10 180
Free-Float 50,1%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 1
Last Close Price 27,80 PHP
Average target price 36,60 PHP
Spread / Average Target 31,7%
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Managers and Directors
William C. Whang President & Executive Director
Patrick D. Cheng CFO, Executive VP & Group Head-Finance
Hans T. Sy Vice Chairman
Romeo D. Uyan Chief Operating Officer & Senior Executive VP
Aileen Paulette S. de Jesus VP, Chief Compliance & Governance Officer