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State investment arm to buy Chinese lenders' shares

(Xinhua)
Updated: 2008-09-18 20:26

The Central Huijin Investment Co Ltd, an investment arm of the Chinese government, said Thursday it would buy the shares of three major Chinese lenders on the secondary market to shore up their share prices amid stock market slumps.

The company said it would buy the shares of the Industrial and Commercial Bank of China, the Bank of China and the China Construction Bank and operations had started on Thursday.

Central Huijin was set up in 2002 with a mission to reform state-owned banks burdened with a high ratio of non-performing loans.