Shanghai tightens regulations on banks issuance home mortgage loans as housing market heats up

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Financial regulators in Shanghai are tightening regulations on banks' issuance of home mortgage loans, after the city tightened home purchase restrictions earlier this month, in an effort to ward off property bubbles as the housing market heats up.

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 February 28, the Shanghai Office of the China Banking and Insurance Regulatory Commission said in a statement on Friday.

Banks should strictly scrutinise the source of downpayment funds and the solvency . . .

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