China's capital Beijing found 340 million business operating loans misused for housing speculation, launched investigations into four banks

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China's capital city of Beijing joined a parade of Chinese regions to crack down on illicit borrowings through business operating loans to speculate in the housing market, in a broader campaign to rein in the overheated housing market.

The municipal banking and insurance regulator said on Tuesday that local banks found in self-inspection that 340 million yuan ($52 million) of business operating loans extended since the second half of the year were misused for property speculation.

The regulator has launched investigations of four banks on alleged misconduct, without naming the institutions, according to . . .

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