{"id":11308,"date":"2016-04-25T13:29:16","date_gmt":"2016-04-25T06:29:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=11308"},"modified":"2016-04-25T11:52:52","modified_gmt":"2016-04-25T04:52:52","slug":"shanghai-banks-ordered-to-cut-ties-with-six-property-firms","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shanghai-banks-ordered-to-cut-ties-with-six-property-firms\/","title":{"rendered":"Shanghai banks ordered to cut ties with six property firms"},"content":{"rendered":"


\nBeijing \/\/ China’s banking watchdog has ordered commercial banks in Shanghai to cut off cooperation with six real estate companies including the nationwide HomeLink Real Estate, which has branches across most Chinese cities, and helps wealthy Chinese to make property investments in overseas locations. The other five were not named.The ban will last one month starting April 25, and will be reviewed after that. The order came after the China banking regulatory commission said it found that some commercial banks had illegally transferred money from mortgage loan accounts to certain third parties, who were not involved in the properties for which the mortgages were taken out. These third parties were found to have further moved money to one of the six real estate companies in Shanghai, according to information provided by the Shanghai government. Some of the estate agencies also helped home buyers to acquire down-payments for property purchases through illegal channels, it said. The banking regulator has also asked seven unnamed Shanghai banks to stop giving housing loans to individuals for two months after they were found to have broken rules in making advances, it said. The ban order impact the property market at home and overseas because the six real estate agencies involved account for the majority of homes on sale in a market and very few direct deals take place. A Chinese news portal, thepaper.com, quoted a HomeLink official saying that the company will have to adopt alternative measures to deal with the situation but he did not elaborate further.business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Shanghai banks ordered to cut ties with six property firms<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Beijing \/\/ China’s banking watchdog has ordered commercial banks in Shanghai to cut off cooperation...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-11308","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2Wo","jetpack-related-posts":[{"id":117370,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-are-walking-towards-a-default-hong-kong-real-estate-fund-stumbles-as-coronavirus-tips-shanghai-commercial-property-into-bear-market\/","url_meta":{"origin":11308,"position":0},"title":"\u2018We are walking towards a default\u2019: Hong Kong real estate fund stumbles as coronavirus tips Shanghai commercial property into bear market","date":"June 26, 2020","format":false,"excerpt":"\r Even seasoned bankers and real estate investors, honed by past financial markets and health crises, are no match for the calamity brought by the US-China trade war and the coronavirus pandemic.Phoenix Property Investors, a US$7.7 billion real estate fund, has six months to save itself from potential cascading defaults\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123808,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shanghai-banks-urged-to-lend-to-developers-building-rental-homes-in-bid-to-increase-affordable-housing\/","url_meta":{"origin":11308,"position":1},"title":"Shanghai banks urged to lend to developers building rental homes in bid to increase affordable housing","date":"December 15, 2021","format":false,"excerpt":"\r A raft of developers in Shanghai have received a shot in the arm as the banking authorities encouraged local lenders to grant them fresh credit to build rental homes.The Shanghai headquarters of the People\u2019s Bank of China\u2019s and the local branch of the China Banking and Insurance Regulatory Commission\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24046,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shanghai-to-douse-flaming-market-with-new-measures\/","url_meta":{"origin":11308,"position":2},"title":"Shanghai to douse flaming market with new measures","date":"August 26, 2016","format":false,"excerpt":"\r The property market in China\u2019s largest city is on fire. Could it be the next Vancouver? \u2018Land king\u2019 Ronshine snapped up a parcel in Shanghai\u2019s Jing\u2019an district at a record price in August. r.nagy \/ Shutterstock With Shanghai\u2019s home values shooting to fiery levels, the Chinese government is reportedly\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25853,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinas-residential-market-to-stay-strong-in-2017-says-citigroup\/","url_meta":{"origin":11308,"position":3},"title":"China\u2019s residential market to stay strong in 2017, says Citigroup","date":"September 12, 2016","format":false,"excerpt":"\r Don\u2019t expect any tightening in liquidity, assures leading property research analyst Shanghai lights. iakov kalinin\/Shutterstock China\u2019s housing market will remain strong next year according to Citigroup, despite reaching new highs in 2016 with the central government making moves to maintain market sentiment while clearing oversupply in smaller cities. \u201cUnsold\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97960,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/warburg-pincus-backed-shanghai-real-estate-firm-eyes-slice-of-co-working-market-as-demand-rises-in-hong-kong\/","url_meta":{"origin":11308,"position":4},"title":"Warburg Pincus-backed Shanghai real estate firm eyes slice of co-working market as demand rises in Hong Kong","date":"September 16, 2018","format":false,"excerpt":"\r Kailong, a Shanghai-based real estate investment management company backed by US private equity fund Warburg Pincus, is planning to include a co-working element at all eight of its commercial properties in Hong Kong to boost returns. 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