Probe loan collusion between property developers and banks

SOME HOMEBUYERS IN SHENZHEN, Guangdong province, complain the mortgage interest rates settled by the banks which the real estate developers earmark for their deals are markedly higher than those offered by other banks. Beijing Youth Daily comments:

After the marketization reform of the interest rate fixing mechanism, the banks are entitled to fix their mortgage interest rates. So homebuyers are justified in suspecting that the developers collude with their "partner banks" to force them to accept higher interest rates.

The banks are obliged to respond to the complaints of homebuyers. But they have remained mute and the developers simply pass the buck to the banks, claiming that it is the banks that set the interest rates.