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Banking regulator in Ningbo fined 12 lenders for illicit lending to real estate sector

Local banking regulator in the city of Ningbo in eastern China's Zhejiang province fined 12 commercial banks for irregularities in their lending activities, especially for improper loans granted to the real estate sector.

The local branch of China Banking and Insurance Commission in the city of Ningbo issued 35 penalties for 12 banks, with a value of more than 10 million yuan, according to a statement released the regulator . . .

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