14 November 2018

Guangzhou banks lift mortgage rates for home buyers, paper says

Guangzhou banks have almost stopped offering preferred mortgage rates for first-time home buyers, and some lenders have even raised the rate by up to 20 percent against the base rate, National Business Daily reported Friday. A survey conducted by the newspaper revealed that among the top four state-owned banks, only Industrial and Commercial Bank of China Ltd. (01398.HK, 601398.CN) and Bank of China Ltd. (03988.HK, 601988.CN) are still offering base rate for such home buyers, while China Construction Bank Corp. (00939.HK, 601939.CN) and Agricultural Bank of China Ltd. (01288.HK, 601288.CN) have raised their rates by 5 percent and 1 percent respectively, it said. Among joint-equity commercial banks, CITIC Bank Corp. Ltd. (601998.CN, 00998.HK) and Industrial Bank Co. Ltd. (601166.CN) are said to have raised rates by 20 percent.

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