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Citic Bank Suspends Mortgages in Beijing

Citic Bank’s moratorium on offering mortgages larger than 2 million yuan is another sign that banks are growing more cautious about the real estate market. Photo: VCG
Citic Bank’s moratorium on offering mortgages larger than 2 million yuan is another sign that banks are growing more cautious about the real estate market. Photo: VCG

(Beijing) — China Citic Bank Corp. has stopped offering mortgage loans larger than 2 million yuan ($315,390).

The suspension is another sign that banks are taking a more cautious stance toward the real estate market amid a government campaign to cool property prices and impose tougher financial oversight on consumer lending to control financial risks.

An employee with Citic Bank, one of the country’s biggest lenders in terms of assets, confirmed the move on Wednesday and said the decision was made by the bank itself.

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