CBIRC targets illegal inflow of loans into the housing market
In August, the banking and insurance regulator issued 418 fines, with a total 139.39 million yuan in penalties
The China Banking and Insurance Regulatory Commission is concentrating its firepower on cracking down on the illegal inflow of individual credit funds into the property market, The Paper reported.
In August, the regulator issued 418 fines, with a total 131.39 million yuan (US$20.32 million) in penalties.
Huang Zhilong, head of Suning Financial Research Institute, said since the beginning of this year, individual credit funds have continued to flow into the property market under strict supervision, which indicates that real estate is still a relatively high-quality asset appealing to investors. Thus, the regulation is unlikely to be relaxed in the future.
On August 29, the commission held a video conference, focusing on prohibiting “down payment” loans as well as consumer loans from entering the real estate market.