Banks roll out ‘barbecue loans’ to businesses in China’s new grilled-food capital Zibo as they compete for new borrowers
- Banks in the city in Shandong province are offering fast, cheap loans to barbecue restaurants and suppliers in a bid to capitalise on the craze
- Zibo emerged as a popular tourist destination after its barbecued food became an internet sensation, sparking a massive influx of visitors
Qishang Bank launched a low-interest loan, named Bozi – Bo refers to Zibo while Zi means tasty – last month offering as much as 1 million yuan (US$140,000) to barbecue related merchants and suppliers – shops selling grills, for example – that have been operating for more than six months.
The loan, which can be approved the same day, has an interest as low as 3.65 per cent, equal to the central bank’s benchmark one-year loan prime rate (LPR).
Qishang Bank is one of several lenders that have rushed to generate new business in the wake of Zibo’s new-found fame.
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Chinese city of Zibo named new ‘outdoor barbecue capital’ sparked by online craze
Videos on sites such as Xiaohongshu and Tik Tok show thousands of people travelling to the city to savour the now-famous grilled treats. Zibo’s train station saw a record 480,000 inbound and outbound passengers on Friday.
