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BEIJING -Industrial output in Shanghai, China s most populous city, slumped in March, the first monthly decline in two years, after stringent lockdown measures halted production in some factories, a.
BEIJING: Industrial output in Shanghai, China's most populous city, slumped in March, the first monthly decline in two years, after stringent lockdown measures halted production in some factories, a city official said on Friday.
By Reuters Staff
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BEIJING, Jan 29 (Reuters) - Financial authorities in China’s Shanghai have tightened regulations on banks issuing individual housing loans, in an effort to ward off property bubbles as the market heats up.
Commercial banks in the city should inspect their consumer loans, business loans and mortgages issued since last June and submit reports on them to the regulator before Feb. 28, the Shanghai Office of the China Banking and Insurance Regulatory Commission said on Friday.
Banks should strictly scrutinise the source of downpayment funds and the solvency of home buyers, and can only issue mortgages to individual for purchase of homes that are close to completion, the regulator said in a statement on its website.