Bank of China offers loans to ease Chinese developer's liquidity

A security guard wearing a mask following the coronavirus disease (COVID-19) outbreak is seen near the Bank of China in Beijing, China, October 19, 2020. REUTERS/Tingshu Wang/File Photo GLOBAL BUSINESS WEEK AHEAD

HONG KONG, Dec 9 (Reuters) - Bank of China, one of China's top four state-owned banks, has offered offshore loans to cash-starved Chinese property developer Longfor Group Holdings Ltd (0960.HK), it said in a statement on Friday.

The move was part of the arrangement by regulators to help developers repay their debts as China has stepped up support in recent weeks to undo a liquidity squeeze that has stifled the sector, which makes up a quarter of the world's second-largest economy and has been a key driver of growth.

Reporting by Meg Shen; Editing by Toby Chopra

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