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Closer look at home-buying curbs
By Hu Xiaocen |
September 13, 2012, Thursday
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Print Edition
Print Edition
THE Shanghai Municipal Housing Authority will this month start to scrutinize that home-purchase restrictions are enforced in the city as it seeks to ensure the rapid rise in home prices has been curbed.
The authority will selectively check property projects that are currently for sale in the city. Properties that are over-priced, or registering abnormal sales volume, or involving a large proportion of non-local buyers will be targeted in the monitoring.
The scrutiny will last until the end of this year, the authority said.
Meanwhile nearly 80 percent of Chinese banks in Beijing have stopped offering first home buyers a 15 percent discount on their mortgages. Most banks now offer discounts below 10 percent. The situation varies from city to city, China Securities Journal reported yesterday, citing unnamed sources.
The Industrial and Commercial Bank of China, China Construction Bank and the Agricultural Bank of China are among lenders which have canceled the discount rate that is offered across the country.
CCB told Shanghai Daily that it always adheres to the benchmark lending rate in home loans, but it implied that different rates could be offered depending on the cases and this is decided by loan officers at local branches.
Apart from Beijing, Shanghai, Shenzhen, Taiyuan and Sanya have also stopped the rate discount, the newspaper said.
But most foreign banks in Shanghai still offer the mortgage rate discounts ranging from 5 percent to 15 percent, a foreign bank source told Shanghai Daily yesterday.
Despite efforts to cool property prices in China, home sales rose this summer due to interest rate cuts by the central bank and city-by-city policy adjustments to try and revive local property markets.
The authority will selectively check property projects that are currently for sale in the city. Properties that are over-priced, or registering abnormal sales volume, or involving a large proportion of non-local buyers will be targeted in the monitoring.
The scrutiny will last until the end of this year, the authority said.
Meanwhile nearly 80 percent of Chinese banks in Beijing have stopped offering first home buyers a 15 percent discount on their mortgages. Most banks now offer discounts below 10 percent. The situation varies from city to city, China Securities Journal reported yesterday, citing unnamed sources.
The Industrial and Commercial Bank of China, China Construction Bank and the Agricultural Bank of China are among lenders which have canceled the discount rate that is offered across the country.
CCB told Shanghai Daily that it always adheres to the benchmark lending rate in home loans, but it implied that different rates could be offered depending on the cases and this is decided by loan officers at local branches.
Apart from Beijing, Shanghai, Shenzhen, Taiyuan and Sanya have also stopped the rate discount, the newspaper said.
But most foreign banks in Shanghai still offer the mortgage rate discounts ranging from 5 percent to 15 percent, a foreign bank source told Shanghai Daily yesterday.
Despite efforts to cool property prices in China, home sales rose this summer due to interest rate cuts by the central bank and city-by-city policy adjustments to try and revive local property markets.
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