Wendy Zhang/ Shanghai Daily news

Local banks have decided to suspend loans for home furnishings after more than three year's of sluggish business, today's Shanghai Evening Post reported.
Banks initially offered many preferential policies to promote the loan. In January of last year the Industrial and Commercial Bank of China's Shanghai branch allowed people to borrow the equivalent of 70 percent of the amount of their mortgage as a home furnishing loan for a maximum of ten years.
However, with the central bank raising interest rates, the loans became less attractive.
The Agricultural Bank of China's local branch confirmed today that it had suspended issuance of such loans at the end of May this year.
Fewer people are interested in the home furnishing loan, said an industry analyst, adding that banks have switched focus to growth areas, such as their credit card businesses.