Cities see residential mortgage defaults
Updated: 2014-08-07 09:56
(chinadaily.com.cn)
|
|||||||||||
Amid a continuous effort to lift purchase restrictions, there is a gloomy outlook on China's real estate industry as some cities see residential mortgage loan defaults, 21st Century Business Herald reported on Thursday.
During the months of May and June, some homeowners in Hangzhou of Zhejiang province, Ningde of Fujian province and Xinqi and Wuxi of Jiangsu province, were sued by banks for defaulting on residential mortgage loans, said the report.
In these cases, most of the homeowners claimed that they were unable to repay their loans.
Currently there is no data indicating that foreclosures have become a common phenomenon nationwide, but officials have warned the risks of default.
During a closed-door meeting in May, Liu Shiyu, the vice-governor of China's central bank, urged banks to expedite mortgage approvals for qualified homebuyers.
Shang Fulin, chairman of the China Banking Regulatory Commission, was quoted by the report saying there were defaults by developers and homeowners in some cities and some medium- and small-sized developers were facing strains in capital chains.
Shang also warns credit risks in third and fourth-tier cities, according to the report.
|
|
Related Stories
Cooled property market testing govt regulation 2014-08-06 10:11
Slack property market takes toll on services 2014-08-06 07:14
China's home market warms as curbs lifted 2014-08-04 18:21
Triple dip for housing prices in July 2014-08-02 08:11
IMF says China property sector poses near-term growth risks 2014-07-31 15:12
Richest cities lift property purchase limits 2014-07-31 10:57
Today's Top News
Putin bans agricultural imports from West
UK names 'China hand' as new envoy
China film looks to global audience
China to exclude Apple products
Dutch firm to take over MH370 search
Nanjing takes fresh approach to Youth Olympics
China to punish Chrysler, Audi over monopoly
Beijing boosts checks on foreigners
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Horrific nightmare at Kunshan factory |
Shaolin: Fists of fame |
Reading into an online age |
China helps fight international war on drugs |
Crackdown on terrorist attacks |
My China Story: Meeting the master |