The People’s Bank of China (PBOC) has expanded its stake in India’s leading provider of mortgage loans.
PBOC has increased its stake in India’s Housing Development Finance Corp Limited (HDFC) to 1.01% from 0.8% previously, according to a filing made with regulators.
The move comes following a 25% drop in HDFC shares in March, amidst a roiling of global stock markets as a result of the global spread of COVID-19.
HDFC itself holds a 19.43% in HDFC Bank, a 52.7% stake in HDFC Asset Management Company and a 51.45% in HDF Life Insurance Company.
Foreign investors currently hold a 70.88% stake in HDFC, with the Government of Singapore holding a 3.2% stake.
Mumbai-based HDFC was founded in 1977 as India’s first specialised mortgage company, and in addition to housing also has a presence in banking, life and general insurance, asset management, venture capital, education, deposits and education loans.