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Finance

Singapore banks raise their China stakes amid Evergrande crisis

ASEAN's largest lenders tap economic powerhouse on path to COVID recovery

Singapore's three biggest lenders see China as a key market for growth as the world struggles to emerge from the COVID-19 pandemic.   © Reuters

SINGAPORE -- 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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