AgBank halts loans to property developers
HONG KONG: Agricultural Bank of China Ltd., which raised a record US$22.1 billion in an initial public offering last month, said Monday it halted loans to property developers for one week on Tuesday to slow the rapid growth in property development lending, though it said it has no intention of permanently suspending such loans.
The bank, China's third largest by assets, said the decision to halt property lending was based on its own needs, and it plans to resume such lending from Sept. 1.
AgBank said Friday its first-half net profit rose 40% to CNY45.84 billion from CNY32.71 billion a year earlier, driven by robust growth in its rural financial business.
The bank said Monday its first-half net profit accounted for 55.3% of its forecast 2010 net profit, though it didn't say what forecast was. -PB News