Business | Government to restrict online lending, targets house loans
A Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, January 19, 2016.  REUTERS/Kim Kyung-Hoon
A Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, January 19, 2016. REUTERS/Kim Kyung-Hoon

Government to restrict online lending, targets house loans

The most important and market-moving stories from the Chinese-language media

October 14, 2016 8:16 AM (UTC+8)

Tougher rules on online lending will be introduced by the end of March in line with plans issued by the State Council on October 13, reported the Securities Daily. Online lending networks are already banned from setting up capital pools and some forms of loans, while equity crowdfunding platforms have been blocked from selling debt masquerading as equities. The current particular focus will be on preventing real estate organizations from using the Internet to make loans for down payment on homes, the report said.
国务院严打首付贷 房地产金融带上紧箍咒

PBOC summons bankers to give ‘guidance’ on slowing mortgage lending

The People’s Bank of China on October 12 summoned executives from the five major state-owned banks and twelve joint-stock banks to a closed door meeting on how to slow mortgage lending, reported Caixin. The PBOC thinks the housing mortgage market is growing too fast and wanted to stress to the banks the importance of following the government’s regulations on real estate loans, according to 21st Century Business Herald. A banker who attended the meeting said no new policies were introduced, rather the central bank stressed the need for self-discipline by lenders as the PBOC pays close attention to the real estate market, he said.
央行召集17家银行就房地产调控开会
央行吹风17家银行配合地产调控 按揭放缓仍待观察

Public-private partnerships double in value

The value of public-private partnership investments in 2016 has doubled to 1.1708 trillion Renminbi, according to a release by the Ministry of Finance on October 13, said Caixin.  The so-called third round of public-private partnerships compared with the 658.9 billion Renminbi in the second-round announced last year. The 516 projects in 2015 included Beijing’s seventh ring road. Public-private partnership investments have grown rapidly since 2014 when 30 projects valued at 180 billion Renminbi were announced.
第三批PPP示范项目公布 共516个项目

China billionaires lead surge on Asia rich list

The world added 210 new billionaires last year, with 80 of them coming from China at an average age of 53, according to a joint report published by UBS and PWC, reported Caixin. Chinese billionaires made up 71% of the total in Asia last year, up 2% from 2014, according to Lu Caiyun, the director of asset management in Greater China at UBS, who added that a new billionaire is generated in Asia every three days. Almost half made fortunes in technology, consumer products and retailing, and real estate. Lu said China will account for the largest number of billionaires in the future.
全球新增亿万富豪 近四成来自中国

Innovation and entrepreneurship key to economic reform, says Premier Li

Innovation and entrepreneurship are the key to success at large companies as well as small startups in adapting to changing demands and are key to the “Made in China 2025” initiative, said Premier Li Keqiang on a tour in Shenzhen and Dongguan, according to an Oct. 13  report by the Xinhua news agency. He added that equipment manufacturing is the cornerstone of China’s industry and traditional enterprises need to be competitive in the market, engage in the international market, and foster the invention of new technical skills.
李克强:扎实推进“双创”和“中国制造2025” 以创新驱动经济发展转型升级

By Lin Wanxia, Poo Yee Kai & Benny Kung

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