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China Raises Mortgage Interest Rates, Down Payments

考研英语  时间: 2019-04-08 14:16:01  作者: 匿名 
China's central bank and banking regulator confirmed in a joint notice that interest rates and down payments on some categories of mortgage will be increased, as China seeks to curb rising house prices and speculation in the property market.

The rate on loans for second homes and on commercial real estate was pushed to at least 1.1 times "benchmark'' rates that the People's Bank of China didn't specify in a statement late Thursday.

Mortgage down payments for second homes and for mixed commercial and residential units will be raised to 40 pct and 45 pct respectively from 30 pct and 40 pct previously. The down payment for apartments for commercial use was also raised to 50 pct.

Loans to buy commercial property must have a duration of no more than 10 years.

Earlier this month, China raised its one-year lending rate for the fifth time this year to 7.29 pct, and the five-year or over 5-year lending rate was increased to 7.83 pct.

The notice said that for first-time home buyers, the minimum deposit for an apartment less than 90 square meters has been maintained at 20 pct, but larger apartments will require deposits of up to 30 pct.

Property prices in China's 70 major cities rose 8.2 pct in August, the fastest rate of growth since August 2005.

The decision by the central bank and the China Banking Regulatory Commission is "to prevent credit risks and protect the borrower's repayment ability,'' according to the statement on the People's Bank of China Web site.

Outstanding mortgage loans in China rose 20 percent in the first quarter to 2.4 trillion yuan ($319 billion), faster than the 16 percent growth in total loans. Non-performing mortgage advances totaled 19.2 billion yuan by the end of 2006, up from 18.4 billion yuan a year ago, according to the central bank.

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