Bad loans add up to 70%
20/12/2004 17:06
Gucci Go/Shanghai Daily news
Statistics from four
local banks show that over 70% of loans for second hand house deals are bad
loans, which is a great threat to the city's economic order, reported today's
Oriental Morning Post.
The four local banks are the Industrial and Commercial
Bank of China, Agricultural Bank of China, Bank of China and China Construction
Bank.
The false information provided by the buyers or sellers often arouses
unnecessary dissension or even fraud which endangers the security of the
business capital and the transaction of property rights.
As the main centers
for second hand house deals, the four local banks have initiated several new
approaches, including establishing an internet system and a capital supervision
operation, in order to maintain the economic order in the real estate
business.
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