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Shenzhen Ups Mortgage Rates to Curb Speculation: Newspaper

CHINA PRESS
MNI (Beijing)

Larger banks in China's southern city Shenzhen are likely to raise mortgage rates following moves by China Construction Bank, which increased 15bp for first-time home buyers and 35bp for those buying second or more properties, the 21st Century Business Herald reported. The rate hike by CCB happened on the same day when the Shenzhen government published a report enforcing curbs on property speculation, the newspaper said. Lenders are also reducing mortgage loan sums available while applications are more stringent with longer process periods, it said.

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