PBOC to prohibit illegal lending to homebuyers

Government to offer more land in big cities to meet demand

The central bank will prohibit real estate brokerages and property developers from running financing services if they do not have relevant licenses, People's Bank of China Deputy Governor Pan Gongsheng said on Wednesday.

Pan, also a member of the Chinese People's Political Consultative Conference National Committee, made the remarks at a panel discussion at the CPPCC annual meeting as concerns are mounting over potential risks fueled by those institutions' leverage in the real estate market.