Source: CCTV.com
11-19-2008 13:47
Special Report: House Market under New PolicyShanghai's banking regulatory is urging local banks to strictly implement the tight mortgage policy for second-home purchases.
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| Shanghai's banking regulatory is urging local banks to strictly implement the tight mortgage policy for second-home purchases. |
The Shanghai Bureau of the China Banking Regulatory Commission announced Tuesday that commercial banks should strictly monitor lendings to first- and second-homebuyers. And banks are also asked to strengthen their risk controls on individual mortgages, while supporting real homebuyers rather than property speculators.
Commercial banks in Shanghai have also been told to grant loans to low-income homebuyers, and help developers with their credit needs. The local banking watchdog has warned banks against the risks of a credit crunch, and told them to make full provisions against bad loans.
Editor:Xiong Qu
