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

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 . . .

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