China ramps up economic support as Country Garden vote looms
BEIJING/HONG KONG - China stepped up measures to boost the country's faltering economy on Friday, with top banks paving the way for further cuts in lending rates and sources saying Beijing plans further action including relaxing home-purchase restrictions.
As pressure mounts, the authorities have rolled out a series of measures to spur the economy and revive the property market, with steps including the easing of some borrowing rules and a cut to the amount of forex banks must hold as reserves. ANZ's senior China economist Betty Wang said several nation-wide property easing measures in the past couple of weeks have exceeded market expectations.
Ahead of the voting result on Friday, some onshore creditors of that private Country Garden bond received interest payments, sources with direct knowledge of the matter said. They declined to be named as they were not authorised to speak to the media.Friday's vote is a key hurdle Country Garden faces as it strives to avoid default, with one holder of the developer's dollar bonds saying if the company cannot extend its domestic debt, it will be unable to service external bondholders.
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