Why this is even allowed I don’t know, via The Australian:
Property chiefs have appealed directly to the Reserve Bank and the Australian Prudential Regulation Authority during a private meeting for a loosening of the strict lending policies imposed on banks, as a credit squeeze starts to bite key parts of the industry.
Their input — delivered by Stockland chief executive Mark Steinert, Dexus chief executive Darren Steinberg and Charter Hall chief executive David Harrison, as well as representatives from Mirvac and the peak industry body — comes at a time when lending to the property groups by major banks has tightened, even for commercial real estate.
