Skip to main content

China acts to prevent business loans flowing into property market

Abstract : Chinese authorities moved Friday to tighten the regulation of business loans to prevent them from illegally flowing into the property market.

BEIJING, March 26 (Xinhua) — Chinese authorities moved Friday to tighten the regulation of business loans to prevent them from illegally flowing into the property market.

Banking financial institutions should be stricter on verifying the qualifications of business-loan borrowers, according to a document jointly issued by the China Banking and Insurance Regulatory Commission, the Ministry of Housing and Urban-Rural Development and the People’s Bank of China.

Enterprises without any actual business should not be granted business loans, while new enterprises that have been established or received equity rights for less than a year, as well as borrowers who have been in possession of a mortgaged property for less than a year, should undergo more stringent examination, the document said.

Banking financial institutions are instructed to enhance investigations into the purposes of business loans, especially with borrowers who applied shortly after they concluded real-estate transactions.

The document called for boosting management during and after the loan services and strengthening the monitoring of post-loan capital flows.

Business loans will be withdrawn immediately if they are found to have been used in the property market, and the borrowers will face reduced credit lines and be investigated for legal responsibilities, it said.

Local authorities will carry out a special investigation into the illegal inflow of business loans into the property market before the end of May, and greater efforts will be made to rectify and punish the irregularities, according to the document. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China acts to prevent business loans flowing into property market

Labels:

Comments

Post a Comment

Popular posts from this blog

China’s Xiamen posts 1,000 China-Europe freight train trips

Abstract : Xiamen, a coastal city in east China's Fujian Province, Wednesday saw the 1,000th China-Europe freight train trip since the city launched the service in 2015. The X8098 train leaves Haicang station in Xiamen of east China’s Fujian Province for Hamburg, Germany, bringing the number of train trips of China-Europe freight train service to 1,000 on June 2, 2021. (Xinhua/Lin Shanchuan) XIAMEN, June 2 (Xinhua) — Xiamen, a coastal city in east China’s Fujian Province, Wednesday saw the 1,000th China-Europe freight train trip since the city launched the service in 2015. With 50 carriages loaded with daily necessities, auto parts and other goods, the X8098 train left the Haicang station of Xiamen for Germany Wednesday morning, bringing the number of train trips of such service to 1,000. Launched in August 2015, Xiamen’s rail cargo service to Europe and Central Asia has so far transported nearly 80,000 TEUs of goods worth more than 3 billion U.S. dollars, which...
Post a Comment
Read more

BYD new-energy vehicle sales nearly double in April

Abstract : China's leading new-energy vehicle (NEV) manufacturer BYD reported surging sales in April, company data showed Saturday. Workers work on the assembly line at a factory of vehicle manufacturer BYD Auto in Xi’an, northwest China’s Shaanxi Province, Feb. 25, 2020. (Xinhua/Liu Xiao) SHENZHEN, May 8 (Xinhua) — China’s leading new-energy vehicle (NEV) manufacturer BYD reported surging sales in April, company data showed Saturday. In a filing with the Shenzhen Stock Exchange, the Shenzhen-based company said its sales of NEVs, including purely electric vehicles and plug-in hybrid electric vehicles, surged 97.5 percent year on year to 25,662 units in April. In the January-April period, BYD sold 80,413 NEVs, up 128.5 percent year on year. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investmen...
Post a Comment
Read more

Xinhua Commentary: Belt and Road gains momentum in challenging times

Abstract : Entering its eighth year of solid progress, the Belt and Road Initiative (BRI) is injecting growing impetus and stability into global cooperation in a world of uncertainties. BEIJING, April 28 (Xinhua) — Entering its eighth year of solid progress, the Belt and Road Initiative ( BRI ) is injecting growing impetus and stability into global cooperation in a world of uncertainties. Just days ago at the Boao Forum for Asia annual conference, Chinese President Xi Jinping likened the BRI to “a public road open to all” rather than “a private path owned by one single party.” His use of this analogy indicates that China, as the initiator of the BRI, endeavors to share opportunities with the rest of the world. Faced with the unprecedented challenges of COVID-19 , rising unilateralism and increasing protectionism, the world requires closer ties among all nations. Against this backdrop, the BRI is particularly valuable for cementing connectivity, bridging differences and advancing...
Post a Comment
Read more