Date
19 November 2017

First-home buyers feel pinch from credit squeeze, paper says

A year-end credit squeeze has prompted banks to tighten up on lending, with discounted mortgage rates for first-home buyers available in only a fifth of mainland cities, Economic Information Daily reported Monday, citing a survey by China Real Estate Information Corp. The survey, based on 66 banks in 21 major cities, also showed that 30 percent of non-state commercial banks have stopped offering mortgages altogether, the paper said. Banks in some cities, like Guangzhou, Foshan and Huizhou, have raised rates for first-home buyers by 10 percent against the benchmark rate, according to the report.

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