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SCIO briefing on operations and performance of the banking and insurance sectors in the first quarter of 2020

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Phoenix TV:

We have seen major fluctuations in Shenzhen's real estate industry. Many analysts have attributed this to subsidized loans that have flowed into the real estate market. What is the opinion of the CBIRC on this matter?

Huang Hong:

Thanks for your question. Mr. Xiao Yuanqi, the chief risk officer, will answer it.

Xiao Yuanqi:

Thank you. This has been a matter of concern recently. Our Shenzhen Office and the Shenzhen Central Sub-branch of the People's Bank of China have taken appropriate supervision measures. We hold that loans should be used in strict accordance with the application, and no diversions should be allowed. For mortgage lending businesses, both operation and mortgage loan usage should correspond with the intended use of the funds as written on the applications. We require the banks to monitor the money flow and make sure that funds are used for the right purposes; as for loans that have been illegally moved into the real estate industry, we have asked them to diligently make corrections. Thanks.