Companies investing in Chinese real estate or heavily polluting industries, including some foreign companies, have been told by bankers that they cannot access credit before the end of the year because of a government order to freeze lending.

China has for some time tried to rein in the rapid increases in bank lending that have contributed to rising consumer and asset price inflation. But a renewed effort is affecting foreign banks and companies for the first time as the central bank and regulatory officials step up their “window guidance” to try to cool the overheating economy.