CBRC bans property loans to 78 SOEs

The China Banking Regulatory Commission (CBRC) has banned new property loans to 78 state-owned enterprises, the Wall Street Journal reported. The CBRC also told banks not to lend to developers that have hoarded land. None of the 78 businesses has property as its core business. Urban property prices rose at a nearly two-year high of 11% year-on-year in February, and Beijing is concerned about the potential impact of bad loans and a property bubble burst on the wider economy. The banking regulator said it would "firmly punish misuse of loans in the stock and property markets."