Date
17 October 2017

Half of major cities in mortgage crunch, paper says

Several banks in seventeen of 32 major cities did not issue mortgage loans in the month to Nov. 11, International Finance News reported Monday, citing a survey by Shanghai-based small-loan platform Rong360.com and Z-Park Association for Internet Finance. About 16.75 percent of nearly 500 lenders halted new mortgage loans while a slightly lower percentage offered mortgage loans at interest rates higher than the base rate set by the government, the report said. Banks are allowed to offer mortgage loans at no less than 85 percent of the base rate. The mortgage crunch has spread to second and third-tier cities where some first-time homebuyers have been unable to get housing loans, the report said.

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MY/AC/RA

 

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