Property News · October 16, 2017

Chinese banks demanding proof that consumer loans are not being used to buy property


China’s commercial banks have begun asking clients to submit “proof of use” for consumer loans, as the government tightens regulations on concern that such loans are being used to buy property and are helping to fuelling a property bubble.
Customers of China Merchants Bank with loans upwards of 10,000 yuan (US$1,517) are being requested by text messages to submit proof of use, according to messages seen by the Post. Media reports said customers of some banks are required to…

Source : South China Morning Post
Read more…Chinese banks demanding proof that consumer loans are not being used to buy property

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