16 February 2019

Shenzhen mulls higher deposit, rates for 2nd homes, paper says

Shenzhen is considering an increase to the down payments and lending rates buyers will have to pay for second homes in a move to cool rapidly rising property prices, the Securities Times reported Monday, citing an official with the People’s Bank of China’s Shenzhen branch. The official did not give details on the move, but an employee of one property agency was quoted as saying that some banks have notified them that they will raise the down payment for second homes to 70 per cent, and the lending rate will be increased by 20 percent against the benchmark, the report said. The market also expects the central government to take renewed action after the CPC Central Committee’s plenary session next month.

– Contact HKEJ at [email protected]



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