A branch of China Merchants Bank in Shanghai has launched a product characterized as similar to "American subprime" by critics: home equity loans for consumer or business uses. Homeowners need not have paid off their existing mortgage to qualify for a home equity loan. The largest and longest terms for the loan is 20 million yuan for 20 years, clearly marking it as a product aimed at office workers and small property owners.
Similar products may not spread across China due to local regulation. Beijing passed a law in 2014 restricting consumer loans to 1 million yuan over 10 years.
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