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China Maintains Loan Curbs

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economy_5 July 13, 2010 (Chinavestor) The Shanghai Composite Index (SHA:000001) endured its biggest loss in two weeks as Beijing quelled hopes that it would loosen restrictions on real estate loans after property values rose less in June than they did in May. Property prices in 70 of China's large and medium-sized cities rose 11.4% in June from a year earlier, slowing from May's 12.4% rise, according to the Wall Street Journal.

 

The government maintained its posture of restricting real estate loans, a move aimed at reducing the odds of a speculative property bubble in China. Chinese banks have been required to increase their capital holdings and borrowers are now faced with more stringent downpayment requirements.

China's banking regulator said it has made no changes to its policies on real estate loans and called on the country's banks to strictly adhere to the rules. A Credit Suisse report issued on Monday said there is some evidence that Chinese banks are loosening the reins on real estate loans, but regulators quashed the notion that standards will be relaxed for borrowers seeking loans for the purchases of a third residence.

Shanghai-based commercial banks have maintained second-home loan curb policies which have not been loosened, the Shanghai Banking Association said yesterday, Bloomberg News reported.

Beijing has also promised to increase the land supply and the construction of low-income housing in an effort to reduce the speculative bubble.



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