China fines five financial firms $47 million for misconduct

China fined five financial institutions a total of 320 million yuan ($47 million) on Friday, as the country's watchdog steps up a crackdown on financial misconduct to tame systematic risks.

China Minsheng Bank was fined 107.8 million yuan for banking illegal property projects, while China Zheshang Bank was fined 101.2 million yuan for selling off-balance sheet wealth management products, a statement posted by the China Banking and Insurance Regulatory Commission (CBIRC) showed on Friday.

Hua Xia Bank, China Guangfa Bank and China Huarong Asset Management Co were also among the institutions given fines.

"The CBIRC will maintain high pressure on violations of laws and regulations," said the regulator, adding that it will keep looking into irregularities on property financing, shadow banking business and financial products cross-held by a complex web of institutions.

The CBIRC fined two state banks a combined 92.4 million yuan for similar irregularities last Friday.

(Reporting by Cheng Leng and Ryan Woo; editing by Jason Neely)