Industrial Bank Halts Property Loans, Securities News Says
This article is for subscribers only.
Industrial Bank Co. suspended loans to some Chinese property developers and tightened lending to real estate-related industries including steel and cement, Shanghai Securities News reported.
Industrial Bank issued a notice before the Chinese Lunar New Year to suspend mezzanine financing and supply-chain financing in the real estate sector until the end of March, according to the report, which cited an image of the notice circulated online. China’s Lunar New Year holiday began Jan. 31 this year. A press officer at Fuzhou-based Industrial Bank said he couldn’t immediately confirm the notice.