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Banks in Xiamen city in Fujian..........>

CHINA PRESS
CHINA PRESS: Banks in Xiamen city in Fujian Province recalled CNY105 million of
consumer loans and "operational loans" -- loans for operational equipment
updates or office renovation -- which were used illegally to fund home
purchases, Caixin reported Friday. Xiamen banks are now checking how their
clients use consumption loans under orders from the local banking regulator, the
magazine  said. Zhang Xintan, chairman of the Xiamen Banking Regulatory
Commission, said the agency is requiring banks to build  systems to clamp down
on credit illegally transferred to the property sector and has already punished
four banks that allowed consumer loans to be used for property financing. Some
Chinese banks have already started to ask consumer loan customers to provide
receipts to prove they did not use their loan for a home purchase, but other
banks are helping clients find receipts to justify the loans. (Caixin)

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