For homes valued at 5 million yuan or more, banks will require homebuyers show where their money came from. This will throw a wrench in down payment loans from various sources. Banks are also strengthening checks of income and cash, creating a blacklist for fraudulent borrowers who put fake information on applications. Violators will be banned from ever borrowing from any bank ever again.
iFeng: 楼市又出大消息!以后买房要说清楚钱从哪来
Planetree (0613): breach of Listing Rules: undisclosed loans to South Shore
(ex-0577) and Charles Chan Kwok Keung
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Mr Chan paid interest at 18% p.a. quarterly (19.25% APR) for the loans
totalling HK$26m granted to him in June 2021.
Source: Company announcement | Source d...
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