Northeastern institutions suffer sharp increases in bad loans to developers
A residentialconstruction sitein Dalian, Liaoning province. The pressure on banks in China's northeast is acute as the country grapples with a prolonged real estate slump. (China Daily via Reuters)
ECHO WONG, Nikkei staff writer | China
HONG KONG -- China's property crisis is taking a particularly heavy toll on small banks in low-growth provinces, as bad debts to developers erode their finances.
The growing pressure comes in stark contrast to upbeat statements by large national banks, which said in recent earnings conferences that they see positive signs on demand and the direction of the economy -- echoing the optimistic notes the Communist Party leadership has been emphasizing.
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