Saturday, September 18, 2010

China bank regulator says no fresh property tightening

BEIJING: Chinese authorities are closely monitoring trends in the real estate market and are not yet planning fresh tightening steps, a banking regulatory official said in remarks published on Saturday, Sept 18.

Worries about further measures to curb speculation and rein in the red-hot property industry have weighed heavily on the domestic stock market, especially as there have been signs of a rebound in both transactions and prices recently.

China rolled out a slew of measures in April to make it harder for people to buy second or third homes, such as raising minimum down payments on mortgage loans.

"Up until now, our main efforts are focused on increasing oversight and strengthening credit policies for the property sector. We do not have any plans to issue new regulatory steps at the moment," the China Business News cited Jiang Dingzhi, deputy chairman of the China Banking Regulatory Commission, as saying.

Home buyers are "playing games" with property firms and some developers are confronted with slow sales and difficulties in quickly replenishing their cash flows, Jiang told reporters on the sideline of a forum in Shanghai, without elaborating. - Reuters

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