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CHINESE regulators plan to tackle loans raised in the gray market for down payments as frenzied property buying in top cities has set off alarm bells ringing that a new bubble may be forming.
Pan Gongsheng, deputy governor of the People’s Bank of China, said yesterday that the central bank will tie up with the China Banking Regulatory Commission and the Ministry of Housing and Urban-Rural Development to scrutinize mortgage applications and reject down payments raised through property agencies, small-loan companies and peer-to-peer networks.
“A series of measures would be taken to curb the soaring housing prices in first-tier cities, including a ban on lending business of property agencies,” Pan said during the annual political consultative meeting in Beijing.
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