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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

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


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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