Probes into property lending

Xinhua said the China Banking Regulatory Commission will carry out probes into property lending at the country's four top state banks in Shanghai, Tianjin, Hangzhou, Tsingtao, Lingbao, Chongqing, Nanjing and Shenyang, The probe will also cover a dozen joint-stock banks, all of which had been told to tighten property lending. Last month, the People's Bank of China ordered down payments on home properties raised to 30% from 20% and lending rates raised to 5.51 per cent, a 21-basis point rise.