CITIC Beijing Tightens Home Equity Lending

Yesterday, reported claimed CITIC Bank in Beijing suspended home equity loans with a value greater than 2 million yuan as part of the increasingly tight real estate restrictions. The bank says credit is still available, but only for non-real estate uses:
Yesterday afternoon, CITIC Bank said in response to this: "In order to ensure the smooth progress of real estate regulation and control in Beijing, we adjusted the approval policies for related businesses to ensure that credit funds are used in real terms for business operations and living expenses of individual customers and strictly implement the differences The housing credit policy to prevent illegal credit inflows into the real estate market.This adjustment will not affect the Beijing residents and businesses the normal purchase credit demand.

CITIC Bank said that since March 2017, the state stepped up the deployment of real estate market regulation and control and insisted on the positioning of "the house is used for living and not for speculation". In addition, against the backdrop of Beijing's "policy-based city planning" The Bank resolutely implemented the state's policy on the regulation and control of the real estate market and timely adjusted, conducted and implemented the credit policies on related products in Beijing.

In fact, since last year, regulators have repeatedly stressed the prevention of inflow of credit funds into the real estate market, and checked and prevented the flow of funds such as bank credit loans into the real estate market. Many banks even need to handle the mortgage buyers need to pay off relevant consumer loans before approval.
iFeng: 多地房贷利率上涨 今年调控基调或仍将“从严”

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