The People’s Bank of China (PBoC) made an investment in 1.75 crore shares in one of the largest housing finance lenders in India, HDFC Ltd. According to reports, this was done possibly in the March quarter. Exchange data shows that the Chinese Central Bank has purchased 1,74,92,909 crore shares which represent 1.01 per cent of the shareholding. This development comes following the recent weeks when HDFC shares have been sliding in valuation. The shares of the company have fallen by 41 per cent since the first week of February.
Keki Mistry, Vice Chairman and CEO, HDFC Ltd told CNBC-TV18 that People’s Bank of China held 0.80 per cent stake as of March 2019 and that it has increased by over 0.20 per cent as of March 2020 to 1.01 per cent.
China recently has been buying stakes across major financial institutions in Asia. The stock markets across the major Asian economies have crashed significantly. China has also been investing in infrastructure projects and technology companies of many Asian countries, including Pakistan and Bangladesh.
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