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China’s Housing Mortgage Rate Reach A Historical Low In July

CHINA PRESS
MNI (Singapore)

The average interest rate of first and second house mortgages in 100 key cities was 3.9% and 4.81% in July, falling 45bp and 25bp from the same period last year, according to data by Beike Research Institute. With the rate of new mortgages continuing to fall, the rate of outstanding mortgages may also be lowered following the central bank’s call. Any plan to lower the rate should be customised by commercial banks and authorities should adopt certain incentive measures to hedge the negative impact of reduced interest income of commercial banks. (Source: 21st Century Business Herald)

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