Singapore banks raise their China stakes amid Evergrande crisis

Singapore. Photo by Andrew Kow on Unsplash

Singapore’s largest banks are raising their stakes in the Chinese market, even as fears linger of a wider economic fallout from the woes of China Evergrande, the world’s most indebted property developer.

DBS Group Holdings, Oversea-Chinese Banking Corp. and United Overseas Bank — some of the biggest lenders in the 10-member Association of Southeast Asian Nations — this week reported figures that showed surging profit and increased lending to clients in China.

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