China's largest banks have volunteered to save the bankrupt real estate developers

According to Reuters, China's largest commercial banks have pledged to provide developers with new credit worth at least $ 162 billion.

In recent weeks, authorities have stepped up measures to support property developers. Many of them previously failed to meet their debt obligations and were forced to stop projects. Now, when China is raging a new wave of Covid, banks at the request of the authorities will help the sector weakened by the pandemic in every possible way.