Banks ordered to write off bad loans
By Mao Lijun | China Daily | Updated: 2008-05-27 07:34
The banking regulator yesterday ordered domestic banks to write off bad loans caused by the devastating earthquake.
The write-offs are to reduce the mortgage burden of survivors and help reconstruction efforts in Sichuan, the China Banking Regulatory Commission (CBRC) said in a statement on its website.
The devastating earthquake destroyed 2.9 million homes and severely damaged 14 million houses in Sichuan province, according to the Ministry of Civil Affairs.
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