Multiple Chinese Cities Cut Mortgage Rates to Spur Buyers Amid Economic Downturns

Multiple Chinese Cities Cut Mortgage Rates to Spur Buyers Amid Economic Downturns
A sales representitive introduces housing models to visitors at the Shanghai Spring Real Estate Market on March 14, 2008 in Shanghai, China. China Photos/Getty Images
Kathleen Li
Updated:

A number of Chinese cities recently cut interest rates on personal first suite commercial loans and housing fund loans to boost the home buying market. However, property analysts say that China’s economy is in decline, and market confidence will not be restored by cutting interest rates alone.

Starting on Oct. 14, several banks in Tianjin decreased their first suite loan rates from 4.1 percent to 3.8 percent, and Shijiazhuang, the capital of Hebei Province, lowered its interest rate from 4.1 percent to 3.9 percent.

Kathleen Li
Kathleen Li
Author
Kathleen Li has contributed to The Epoch Times since 2009 and focuses on China-related topics. She is an engineer, chartered in civil and structural engineering in Australia.
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