AgBank halts loans to prop­erty de­vel­op­ers

The Pak Banker - - Company+Boss News -

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

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