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Ban on bank borrowing
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CHINA has banned local governments from borrowing from banks to finance land purchases and preparations for property development, an official statement said yesterday.
Local governments must reduce the number of institutions responsible for land reserve, whittling down the many departments to just one, said the joint statement by the Ministry of Finance, the Ministry of Land and Resources, the People’s Bank of China and the China Banking Regulatory Commission.
Land reserve institutions should no longer have financing, construction or land development arms. These departments should be closed or turned into enterprises, it said. This task should be finished before the end of this year, the statement said.
Governments with large plots of land should slow down or even stop adding new reserves, the statement said.
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