Property News · February 9, 2017

Mortgage draw downs slow to a trickle as China tightens credits


Chinese commercial banks are slowing the ability of their borrowers to draw down on their loans, amid a directive by the People’s Bank of China to tighten the disbursement of credit to keep property prices in check and prevent capital flight.
One of Bank of Communications’ Shanghai branches delayed the drawdown of a 1.5 million yuan mortage loan — approved at the end of 2016 — by three months until March, according to a borrower who declined to be named. The bank’s branch…

Source : South China Morning Post
Read more…Mortgage draw downs slow to a trickle as China tightens credits

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