Bank of Communications, China’s fourth-largest publicly traded lender, said mortgage volumes in February and March decreased, Bloomberg reported. "We have had an obvious drop in volume," said Dicky Yip, an executive vice president at BoCom, without giving specific figures. Chinese banks are under pressure to reduce lending after banks extended US$74.8 billion new loans in March and property prices continued to soar in major Chinese cities. Yip said regulations intended to reduce speculation in property markets are unlikely to have a significant impact on BoCom’s business because the bank focuses on loans to first-home buyers.
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