CBRC: No more loans for land hoarding

The China Banking Regulatory Commission has teamed up with land authorities to crack down on irregularities in land use.

The banking regulator banned banks on Friday from issuing loans to developers who are stockpiling land resources and houses. Banks are also required not to grant new loans to the 78 state-owned companies whose core business isn't property development. Also starting Friday, personal loans of more than 300-thousand yuan may not be disbursed to the person borrowing the money. Instead, it must be transferred to the end recipient. The move is to prevent lending flowing into the stock, or unintended sectors.