China Tightens Real Estate Industry Controls

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Last updated at: (Beijing Time) Saturday, June 14, 2003

China Tightens Real Estate Industry Controls

The People's Bank of China issued a circular Friday demanding that commercial banks strengthen their risk control over loans to the real estate sector.

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The People's Bank of China issued a circular Friday demanding that commercial banks strengthen their risk control over loans to the real estate sector.

The circular asks commercial banks to channel more loans to residential housing projects for moderate and low-income families and to limit loans to villas and up-scale projects.

The circular notes that the request is being made in order to implement real estate credit policies, limit financial risk and promote the healthy development of real estate financing.

By the end of April this year, outstanding real estate loans exceeded 1.8 trillion yuan (about 222 billion US dollars), accounting for 17.6 percent of all outstanding loans from commercial banks. Personal housing loans reached 924.6 billion yuan, accounting for 8.9 percent of total loans.

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