China Banks Stop Mortgage Lending after Reaching Quota
Some Chinese banks have stopped mortgage lending to home buyers after it reached the 1st quarter credit quotas. This quota system was put in place to prevent China’s home prices from increasing too quickly. ICBC, Bank of China and Everbright Bank Co have already used up their allocated mortgage lending quotes.
Outstanding household medium-to-long term loans, an equivalent of mortgage loans, grew by 380.4 billion yuan in February
~ South China Morning Post
Outstanding household medium-to-long term loans, an equivalent of mortgage loans, grew by 380.4 billion yuan in February (US$55.17 billion), a drop from the 629.3 billion yuan growth in January,
Related Report: South China Morning Post
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