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24

Shanghai CBRC to Halt Banks’ Business With Six Property Agencies

By Tony Seruga

Property agencies punished include Homelink, Pacfic Rehouse
Central bank said unauthorized mortgage loans increased risks

China’s banking regulator in Shanghai will halt business collaborations between commercial banks and six real estate agencies for a month starting April 25, as regulators increase their scrutiny of mortgage down-payment loans.

The agencies include local arms of Beijing Homelink Real Estate Brokerage Co., Pacific Rehouse Co. and Shanghai Hanyu Property Brokerage Co., according to a statement by the China Banking Regulatory Commission’s Shanghai office on the city’s official Weibo microblog account. The regulator will also suspend the personal mortgage business for two months of seven local branches of banks including Industrial & Commercial Bank of China, Bank of China Ltd. and HSBC Holdings Plc for violations of lending rules…

Shanghai CBRC to Halt Banks’ Business With Six Property Agencies

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