Regulator Tightens Scrutiny of Real Estate Trust Business
Regulators ordered several Chinese trust companies to stop issuing new trust products to finance real estate projects as China aims to direct more financing support to the real economy.
Caixin confirmed with separate sources that China Credit Trust Co., Xiamen International Trust Co., Western Trust Co., Chang’An International Trust Co. and Shaanxi International Trust Co. were ordered by local bureaus of the China Banking and Insurance Regulatory Commission (CBIRC) to suspend new real estate trust business, which provides financing to property developers.
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