MNI China Daily Summary: Thursday, July 4

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Chinese Banks To Lower Existing First-home Mortgage Rates

CHINA PRESS
MNI (Singapore)

Chinese commercial banks will lower the existing mortgage rate for first-home buyers in batches on Sept 25, with an average reduction of 80bp nationwide. Lenders will not have to make any application and the new interest rate level will take effect on Monday. If this fails to curb the mortgage prepayment wave, authorities may make deeper adjustments, such as allowing new interest rates to break through the lower limit of pricing when contracts were signed, as well as including second-time home buyers to the scheme, said Xue Hongyan, vice president at Star Atlas Institute of Finance. (Source: Yicai)

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