On Wednesday, in a report China’s Xinhua news agency reported, the country’s banking regulator found $42.6 million (277 million yuan) was stolen from funds which were supposed to serve the housing market in the southern state of Guangdong.

The news sheds on the state of micro-finance prevalent in the country.

China’s banking regulator has asked 4,501 bank branches in Guangdong, excluding Shenzhen, to conduct a self-inspection that covered both operating and consumer loans.

($1 = 6.5052 yuan)

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Tags: advances, bank branches, banking regulator, China, Chinese, consumer loans, funds, Guangdong, housing market, loans, micro finance, misappropriated, Southern, stolen, Xinhua