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China’s big banks suspend credit


China’s big banks have stopped lending as the government works to quell an investment boom and surging home prices, Bloomberg reported. Citing China Real Estate Business, Bloomberg said the country’s top four state-owned lenders suspended credit to real estate developers at the end of October after exhausting the industry’s annual loan quota. “Anti-inflation measures are being strengthened, real estate controls also will continue and we estimate that next year’s real estate loan quota will be reduced by 20 percent,” an unidentified manager of the Industrial & Commercial Bank of China Ltd. told China Real Estate Business.

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