People’s Bank of China has loosened control of lending quotas to property developers

From China’s ‘Economic Observer’ (via MNI), quoting “sources with the central bank and big state lenders”:

• The People’s Bank of China has loosened control of lending quotas to property developers
• Have abolished the 10% cap as a percentage of a bank’s total outstanding loans and decentralizing the quota decision to headquarters of commercial banks

Marks a fresh move from Beijing to shore up the sluggish property market. Previously, the government imposed tight credit controls on property developers and the Big Four state lenders even stopped granting new loans to them. But a source with Agricultural Bank of China said banks are still subject to loan/deposit ratio requirement for developers

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