SHANGHAI -- The western Chinese city of Xi'an is to set up a public-private fund worth up to 5 billion yuan ($686 million) aimed at supporting cash-strapped government-backed financing vehicles, in the latest effort in China to stabilize the country's flagging property sector.
The public-private fund will lend money for up to six months to local government financing vehicles (LGFVs) that are experiencing difficulty borrowing money from banks or the capital market.
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