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China clamps down on shadow banking for home downpayments

Total P2P borrowing for home deposits reaches 924 million yuan in January

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Shenzhen has seen the biggest surge in home prices, up 52 per cent in January from a year earlier.

Beijing

WHEN Fu Songtao found his ideal home in the suburbs of Shanghai, he faced the typical problem of would-be homebuyers: Coming up with enough cash for a downpayment. So Mr Fu turned to an online solution. His property agent offered him a zero-interest loan, funded entirely online by

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