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Chinese banks’ excessive exposure to property is now the “biggest grey rhino risk” facing the stability of the financial system, a top financial regulator has warned.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, wrote recently that moves must be taken to avoid “bubbles” in the real estate sector because “among the 130 financial crises since the start of 20th century, more than 100 of them are related to property markets”.
Guo said property-related loans made up 39 per cent of all bank lending in China, although data from the PBOC . . .
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