Regulators in China's Shanghai urge lenders to strictly implement mortgage policies

SHANGHAI: The Shanghai branches of China's central bank and banking regulator on Friday urged commercial banks to strictly implement differentiated mortgage policies.

In a joint statement, the Shanghai branches of the People's Bank of China and the China Banking Regulatory Commission also called on lenders to vet home buyers' sources of money for downpayments on homes and their ability to repay debts.

The Shanghai government earlier on Friday said it was raising the minimum downpayment needed for buyers of second homes, and announced a series of other policies to curb speculation in the city's overheating property market.