Four China Banks to Halt Property Loans for Rest of Year, Paper Says
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China’s four biggest state banks will not issue any new loans to property developers for the remainder of the year, the state-run China Real Estate Business reported, citing unidentified executives at the banks.
Industrial & Commercial Bank of China Ltd., China Construction Bank Corp, Bank of China Ltd. and Agricultural Bank of China Ltd., had met their allotted loan targets for the year, according to a copy of a report e-mailed to Bloomberg News by the newspaper today. Approvals of new loans had ceased since the end of October, the paper said.