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    939   CNE1000002H1

CHINA CONSTRUCTION BANK CORPORATION

(939)
  Report
Delayed Hong Kong Stock Exchange  -  03:08 2022-12-02 am EST
4.660 HKD   -1.48%
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China Construction Bank to set up $4 billion rental housing fund

09/24/2022 | 01:27am EST
FILE PHOTO: Construction site of residential buildings in Shanghai

SHANGHAI (Reuters) - China Construction Bank (CCB) said it plans to set up a 30-billion-yuan ($4-billion) fund to finance rental housing, China's latest state-backed effort to aid the struggling property sector.

The state-owned lender, which will provide money for the fund, plans to invest in real estate projects and turn them into affordable rental houses, CCB said in a statement late on Friday.

Beijing has been stepping up efforts to aid a real estate sector hit by debt buildup, mortgage boycotts and sluggish sales. Property and related sectors such as construction account for more than a quarter of China's economy.

The authorities have allowed affordable rental houses to be listed in the form of real estate investment trusts (REITs), opening a fresh financing channel for the business.

Reuters reported in July that China planned to launch a real estate fund to help property developers resolve a crippling debt crisis. The fund would initially be set at 80 billion yuan through support from China's central bank, with CCB contributing 50 billion yuan, a source said.

China's policy banks and local governments have also been setting up funds to help cash-strapped developers finish construction of pre-sold properties, as protests by home buyers spread.

(Reporting by Jason Xue and Brenda Goh; Editing by William Mallard)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA CONSTRUCTION BANK CORPORATION -1.48% 4.66 Delayed Quote.-12.41%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.22% 7.02069 Delayed Quote.10.70%
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Analyst Recommendations on CHINA CONSTRUCTION BANK CORPORATION
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Financials
Sales 2022 797 B 113 B 113 B
Net income 2022 317 B 44 746 M 44 746 M
Net Debt 2022 - - -
P/E ratio 2022 3,40x
Yield 2022 8,82%
Capitalization 1 081 B 153 B 153 B
Capi. / Sales 2022 1,36x
Capi. / Sales 2023 1,27x
Nbr of Employees 375 531
Free-Float 99,0%
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Technical analysis trends CHINA CONSTRUCTION BANK CORPORATION
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Mean consensus BUY
Number of Analysts 24
Last Close Price 4,28 CNY
Average target price 5,79 CNY
Spread / Average Target 35,4%
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Managers and Directors
Jin Liang Zhang Vice Chairman & President
Liurong Sheng Chief Financial Officer
Guo Li Tian Chairman
Yong Qing Wang Chairman-Supervisory Board
Pan Shi Jin Information Controller
Sector and Competitors