SHANGHAI (Reuters) – Alibaba (NYSE 🙂 Group Holdings announced on Monday that its financial institution's MYBank unit, Ant Financial, would grant 20 billion yuan ($ 2.86 billion) loans to companies in China following the outbreak of the coronavirus. Get companies preferential terms.
Alibaba made the announcement in a statement published on its official Weibo account.
10 billion yuan will be made available to companies in Hubei, the central Chinese province that is the epicenter of the outbreak. You will receive a one-year interest-free loan for the first three months and a 20% discount on interest rates for the remaining nine months.
Companies across China can also get access to another 10 billion yuan in one-year loans, at which interest rates are discounted by 20%.
Other announced measures included waiving platform fees for merchants in the Tmall marketplace for the first half of 2020 and establishing two billion yuan funds to support restaurants, logistics and supply chain companies.
Workers returned to offices and factories across China on Monday as the government eased labor restrictions during a coronavirus epidemic that killed more than 900 people, most of them on the mainland.
Chinese regulators have asked banks to cut interest rates and lend to target companies affected by the outbreak.
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