China extends loan deadline for quake victims

China has extended the deadline for victims of a devastating May earthquake who cannot repay their loans, the central bank said.

China extends loan deadline for quake victims

China has extended the deadline for victims of a devastating May earthquake who cannot repay their loans, the central bank said on Thursday.

Individuals who borrowed money before the May 12 earthquake in Sichuan will have until the end of June to pay back loans that were due in 2008, while the grace period for corporations will be extended until the end of 2009, according to a statement on the central bank's website, www.pbc.gov.cn.

The earthquake killed more than 80,000 people and left over 5 million people homeless in a swathe of devastated mountain towns.

In August, the banking regulator told local banks to provide additional loans in the quake zone, and ordered them to go easy on debtors who could not make their payments.

The quake zone is one of the main beneficiaries of a stimulus package announced by the Chinese government in November, and now resembles a giant construction site.

Reuters
Last Mod: 01 Ocak 2009, 11:50
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