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AgBank Halted Loans To Real Estate Firms

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bank_2 August 30, 2010 (Chinavestor) Agricultural Bank of China (HKG:1288), China's third-largest bank by assets, said that stopped making loans to property firms last Tuesday in a bid to temper China's soaring growth in property development lending. The bank said it will not make such measures a permanent fixture.

Agricultural Bank of China (HKG:1288) said the decision to halt property lending was based on its own needs, and it plans to resume such lending from, according to the Wall Street Journal. Last week, the bank said its first-half profit jumped 40%, helped by a strong performance in itsĀ  rural financial unit.

Agricultural Bank of China (HKG:1288) (SHA:601288) came public last month with a record $22.1 billion offering. The shares are listed in both Hong Kong and Shanghai.



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