Shanghai to enhance leasing oversight

Updated 2017-05-19 09:32:21 Shanghai Daily

Shanghai will further regulate illegal fundraising operations and cross-border transactions through leasing companies amid the national crackdown on financial risks, the city government said yesterday.

All domestic and foreign leasing companies registered in Shanghai will be targeted under a campaign that focuses on those affiliated to Internet finance companies, investment consulting firms, wealth-management companies and small-loan lenders, according to a notice from the Shanghai Commission of Commerce.

Shanghai recorded 1,216 leasing firms at the end of 2015, taking up nearly a third of the national number, according to data compiled by the Ministry of Commerce.

The campaign will scrutinize leasing firms' operations and examine whether firms faked leasing projects, used illegal leasing assets, posed as financial institutions and raised funds from the public without regulatory approval, the notice said.

The notice revealed that some firms had started to lease intangible assets, which will cause "risks and hidden troubles for the leasing industry."

Others who provided unauthorized loans, interbank loans, equity investment and cross-border investments will also be targeted, market insiders said.

The campaign will last till June 24 and include self-inspections and regulators' spot checks, the notice said.

More than half of the underlying assets of Chinese leasing companies are in aircraft, shipping, equipment and infrastructure.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 23 2017 06:33:11

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 23 2017 06:33:11

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 23 2017 06:33:11

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords