Friday, December 3

China’s state council held meeting with property developers, banks -source

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SHANGHAI — China’s state council think tank has held a meeting with property developers and banks in the southern city of Shenzhen, a source with direct knowledge of the meeting told Reuters.

Participants at the meeting, which took place on Monday, included China Vanke, Kaisa Group, Ping An Bank, China Citic Bank, China Construction Bank and CR Trust, according to the source.

Investors are concerned about a broadening liquidity crisis in China’s property sector, with a string of offshore debt defaults, credit rating downgrades and sell-offs in some developers’ shares and bonds in recent weeks. (Reporting By Shen Yiming, Cheng Leng and Clare Jim , Writing by Anne Marie Roantree; Editing by Kim Coghill)

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