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Do I need to make up for the depreciation of loan collateral?

Yes.

According to Article 408 (Protection of Mortgage Rights) of the People's Republic of China and Civil Code, if the mortgagor's behavior is sufficient to reduce the value of the mortgaged property, the mortgagee has the right to request the mortgagor to Stop his behavior. If the value of the mortgaged property decreases, the mortgagee has the right to request the restoration of the value of the mortgaged property and provide a guarantee corresponding to the reduced value.