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China Banks Quicken Mortgage Lending: Journal

CHINA PRESS
MNI (Singapore)

Chinese commercial banks in major cities have accelerated their mortgage lending, with the mortgage rates in Guangzhou and Shenzhen declining, the China Securities Journal reported. Real estate markets in China's largest cities have stabilized following the 5-bp cut to the five-year benchmark Loan Prime Rate, on which lenders base their mortgage lending, the newspaper said citing Zhang Dawei, chief analyst of Centaline Property. Compared to the 10 bps cut to one-year LPR, the smaller cut to the rate of longer-term lending signals policymakers’ intention of not stoking the property market, the newspaper cited Zhang as saying.

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