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China Relaxes Floor On First-Home Mortgage Rates In Some Cities

CHINA PRESS
MNI (Singapore)

Some Chinese cities suffering ongoing declines in home prices have been allowed to temporarily relax the floor on mortgage rates for first home buyers, The Beijing News reported citing a statement on the central bank website. For cities where new home prices posted month-on-month and year-on-year declines between June and August 2022, localities can decide on whether to maintain, lower or scrap the floor on first-home mortgage rates by the end of 2022, the statement said. The current floor rate of 4.1% is expected to be breached and this may trigger a new round of mortgage rate cuts in Q4, the newspaper said citing analysts. Among the 70 key cities monitored by the National Bureau of Statistics, 23 cities, including 8 second-tier and 15 third-tier cities, fit into the new policy, the newspaper said citing E-house China Research and Development Institution.

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Some Chinese cities suffering ongoing declines in home prices have been allowed to temporarily relax the floor on mortgage rates for first home buyers, The Beijing News reported citing a statement on the central bank website. For cities where new home prices posted month-on-month and year-on-year declines between June and August 2022, localities can decide on whether to maintain, lower or scrap the floor on first-home mortgage rates by the end of 2022, the statement said. The current floor rate of 4.1% is expected to be breached and this may trigger a new round of mortgage rate cuts in Q4, the newspaper said citing analysts. Among the 70 key cities monitored by the National Bureau of Statistics, 23 cities, including 8 second-tier and 15 third-tier cities, fit into the new policy, the newspaper said citing E-house China Research and Development Institution.