Hundreds of Chinese businesses seek billions in loans to contend with coronavirus

Among the prospective borrowers are food delivery giant Meituan Dianping, smartphone maker Xiaomi Corp , ride-hailing provider Didi Chuxing Technology Co, facial recognition start-up Megvii Technology Inc and internet security business Qihoo 360 Technology Co, the sources said.(FILE PHOTO: Visitors visit the Xiaomi booth at the Mobile World Congress in Barcelona, Spain)

BEIJING: More than 300 Chinese companies are seeking bank loans totaling at least 57.4 billion yuan ($8.2 billion) to help to soften the impact of the coronavirus outbreak, two banking sources said.

Authorities have cordoned off cities, suspended transport links and shuttered facilities where crowds gather, hammering economic growth that one senior economist said could slow to 5% or less in the first quarter.