China says to keep credit curbs for multiple-home buyers

BEIJING: Chinese banks should "strictly implement" existing curbs on loans to multi-home buyers, the China Banking Regulatory Commission (CBRC) said, in response to media reports that some banks were relaxing credit controls.

"There are no changes in terms of policy requirements and implementation standards, and commercial banks must strictly implement the rules without any doubt," the CBRC said on its website, www.cbrc.gov.cn.

Share prices of Chinese property stocks surged on Monday, as investors anticipated an easing of lending restrictions after media reported banks in China's first-tier cities, including Shanghai and Shenzhen, had resumed lending to buyers of third homes.

China's Ministry of Housing and Urban-Rural Development also said on Monday night that it will maintain existing policies to "firmly curb speculative house buying". -- Reuters