China's banking regulator unveils curb on loans to developers

13:51, March 27, 2010      

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China's top banking regulator Friday announced renewed measures to further rein in the country's real estate sector, the Shanghai Securities News reported Saturday.

Banks are allowed to extend loans to property developers with on-going commercial or residential properties as collateral, instead of "a stretch of land" only, the newspaper quoted Liu Mingkang, chairman of the China Banking Regulatory Commission, as saying.

While addressing a forum held in Beijing Friday, Liu also urged bankers to communicate face to face with real estate developers and carry out field inspections before providing loans.

In February, housing prices in 70 large- and medium-sized Chinese cities rose 10.7 percent from a year earlier, the fastest pace in almost two years, according to the National Bureau of Statistics earlier this month.

The Chinese government has taken a series of measures to cool down surging housing prices amid worries about possible asset bubbles.

Source: Xinhua
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