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    1777   KYG3311L1041

FANTASIA HOLDINGS GROUP CO., LIMITED

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Fantasia : China loosens restrictions on home loans at some big banks -Bloomberg News

10/15/2021 | 01:24am EST
FILE PHOTO: Buildings of residential compounds are seen in Shanghai

BEIJING (Reuters) - China's financial regulators have told some major banks to accelerate approval of mortgages in the fourth quarter, Bloomberg News reported on Friday, citing unidentified sources.

Lenders were also allowed to seek permission to sell assets backed by residential mortgages in order to free up more loan quota, the news agency said, amid concerns that the liquidity and debt crisis at China Evergrande Group could spread to other developers.

China has been ramping up property market curbs since late 2020, introducing new measures to closely monitor and control the debt levels of developers.

But with economic growth cooling and new construction starts slowing, speculation has been rife over whether it would start relaxing those restrictions, as was done during past downturns.[ECILT/CN]

Chinese leaders, fearful that a persistent property bubble could undermine the country's long-term ascent, are likely to maintain tough curbs on the sector but could soften some tactics as needed, policy sources and analysts told Reuters this week.

Yi Gang, governor of the People's Bank of China (PBOC), told 24 financial institutions at end-September to "maintain the steady and healthy development of the real estate market and safeguard the legitimate rights and interests of housing consumers."

The PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) did not immediately respond to Reuters requests for comment.

Chinese regulators, who want to impose financial discipline while avoiding social unrest, have taken targeted measures such as asking state-backed firms to pick up Evergrande assets to ease its liquidity situation.

(Reporting by Cheng Leng and Tony Munroe; Editing by Kim Coghill)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 3.18% 2.27 End-of-day quote.-84.77%
FANTASIA HOLDINGS GROUP CO., LIMITED -7.35% 0.315 End-of-day quote.-76.67%
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Financials
Sales 2020 21 759 M 3 412 M 3 412 M
Net income 2020 977 M 153 M 153 M
Net Debt 2020 23 112 M 3 625 M 3 625 M
P/E ratio 2020 8,01x
Yield 2020 4,39%
Capitalization 1 491 M 233 M 234 M
EV / Sales 2019 1,39x
EV / Sales 2020 1,36x
Nbr of Employees 34 118
Free-Float 25,0%
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Managers and Directors
Jun Pan Chairman & Chief Executive Officer
Xin Yu Chen Chief Financial Officer & Executive Director
Shao Mu Guo Independent Non-Executive Director
Chi Shing Kwok Independent Non-Executive Director
Jie Zeng Executive Director