The Shanghai office of China’s top banking regulator slapped RMB 9.1 million ($1.4 million) of fines on banks for property loan violations as China continues to clean up irregularities in the real estate market, reported Caixin.
Branches of the four biggest state-owned banks—Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China—were penalized for issuing personal consumer loans and corporate business loans that were used in the property market, the Shanghai bureau of the China Banking and Insurance Regulatory Commission (CBIRC) said.
Problems in property-related loans were found at several Shanghai branches of China Construction Bank, including serious violations of prudent rules in reviewing loan applications, providing illegal financing to underfunded real estate projects and failure to make loans in accordance with the construction progress the CBIRC Shanghai bureau said.
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