BEIJING (Reuters) – China’s banking regulator has found 277 million yuan ($42.6 million) in loans misappropriated for use in the housing market in the southern state of Guangdong, reported the official Xinhua news agency on Wednesday.
The banking regulator asked 4,501 bank branches in Guangdong, but excluding Shenzhen, to conduct a self-inspection that covered both operating and consumer loans, Xinhua reported, citing an anonymous source.
($1 = 6.5052 yuan)
(Reporting by Engen Tham; Editing by Tom Hogue)
