PBOC orders 17 banks to curb property lending

China’s central bank summoned executives from 17 banks on Wednesday and demanded that they step up efforts to rein in home loans amid a nationwide property-market frenzy. The in-person directive from the People’s Bank of China (PBOC) followed a slew of stringent measures from numerous Chinese cities aimed at curbing the housing market. Sources told Caixin that regulatory authorities will take measures to keep commercial bank lending from going to the housing market, and the government will conduct more supervision and inspections of financial institutions over their issuance of home loans. New loans in August reached 948 billion yuan ($141 billion), more than double the figure a month before, data from the People’s Bank of China showed. Over 71% of the loans went to households.