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MarketScreener Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  China Banking Corporation    CHIB   PHY138161229

CHINA BANKING CORPORATION

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China banking regulator slapped record high penalties in 2018

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01/12/2019 | 08:36am EDT

This undated file photo shows the headquarters of China Banking and Insurance Regulatory Commission in Beijing, China. (PHOTO / IC)

BEIJINGChina's banking watchdog imposed over 3,800 penalties in 2018, a record high.

Lending to the real estate sector is a key area for regulation, with over 30 banks punished for rule-breaking practices.

China Minsheng Bank was fined 31.6 million yuan (US$4.68 million) early last December for irregularities including investing wealth management funds in the property market.

Misdeeds in lending and lack of supervision might give rise to loan default and fraud, inducing financial risks, increasing household leverage and inflating the stock and real estate bubbles.

Chinese authorities decided early last year to crack down on illegal property financing activities as part of efforts to curb real estate market speculation.

(c) 2019 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
William C. Whang President, Chief Operating Officer & Director
Hans T. Sy Chairman
Patrick D. Cheng Chief Finance Officer & Group Head-Finance
Peter S. Dee Executive Director
Joaquin T. Dee Non-Executive Director