A gauge tracking the sector, the Hang Seng Mainland Property IndexPSBC late on Thursday announced that it would provide a total of 280 billion yuan in financing to Country Garden as well as others., , the world's largest bank by assets, also said on Thursday that it has agreed to offer 655 billion yuan of financing to 12 property firms including Vanke, Longfor and Country Garden.
"But I am a bit worried about the smaller ones, and they might still be unable to repay debts due to the challenges in home sales or financing by themselves," he said. "Asset quality might be under challenge and the non-performing ratio for real estate will stay high for banks in the coming months," Ng said.
A house of cards
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