Guangzhou Banks Cut Mortgage Rates to Boost Home Sales: Times

Six major state-owned banks in China's southern city Guangzhou lowered the mortgage interest rates by 20 basis points, yet another signal that the authorities are easing to boost the real estate markets, reported Quanshang China, a social media account run by the Securities Times. Guangzhou is one of China's so-called tier-one cities considered barometers for policy directions. There is room for further rate cuts as banks have plenty of loan quotas to dole out, the newspaper said citing Yan Yuejing, director of E-house China Research and Development Institution. More smaller cities are expected to reduce down payment ratios or even relax the number of homes they can purchase, the newspaper said citing Sinolink Securities.