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Raises of first-home mortgage rate shadow China’s real estate market

Posted on 20 October 2011

Banks in China’s major cities have started raising mortgage rates for first-home buyers, putting further pressure on prospective buyers and the real estate market.
China Construction Bank, China’s second largest state-owned bank by market value, on Oct. 15 announced an increase of its mortgage rate for first-home buyers to 1.05 times of the central bank’s benchmark lending rate. China’s commercial banks in at least 14 major cities also have lifted the rate by 5 to 10 percent……………………………………….Full Article: Source


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