Shanghai has compiled a list of firms, including local units of multi-nationals ...
), as eligible for millions of dollars in subsidized loans to ease any blow from the coronavirus outbreak, according to bankers and documents seen by Reuters.
In an economically bruising three weeks, China has cordoned off cities and suspended transport links in an effort to slow the spread of the virus. “Every bank in Shanghai is rushing to lend to the companies on its list, to earn political goodwill,” said one banker who had seen a list with 194 firms, including restaurant operators and property developers.Companies have the option to nominate themselves to be added to the overall list. Each lender then determines independently whether to approach a company on its list and offer finance, according to the bankers.
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