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State banks aid ailing real estate giants

In the crisis surrounding Chinese real estate group Evergrande, Beijing’s leadership is showing signs of easing tensions and sending state-owned companies to the rescue. The state-controlled Shanghai Pudong Development Bank announced a ¥5 billion (€690 million) bond for construction projects on Tuesday. Experts expected other financial institutions to follow suit, putting real estate financing on a broader footing. The government also made efforts to calm the markets at the communications level. Capital flows in the real estate market returned more and more to normal levels, said central bank representative Zou Lan on Tuesday. The People’s Republic was focusing on continuity and stability in real estate financing. rtr/fin

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