Mortgage lending conditions are being...>

CHINA PRESS: Mortgage lending conditions are being tightened for the fourth time

this cycle, as lender are now increasingly refusing to give discounts below the

benchmark rate set by the People's Bank of China, the Economic Information Daily

reported Friday. According to the newspaper, in most hotspot cities borrowers

are now receiving only small discounts on mortgage rates or no discounts at all.

According to Rong 360, a FinTech company that offers mortgage lending products,

the average mortgage rate in June was 4.89%, 99.7% of the benchmark interest and

3.38% higher m/m. More than 80% of banks no longer offer mortgage rate discounts

and 32 banks increased their mortgage rates in in June in a range of 1.05 to 1.2

times the benchmark interest rate. Analysts predict further tightening is likely

to occur, the newspaper reported. (Economic Information Daily)