Related News
Home » Business » Real Estate
Higher rate for housing fund deposits
Print Edition
China will raise the interest rate for deposits to its housing provident fund to allow more proceeds for depositors, the central bank said yesterday.
The rate will be raised to 1.5 percent from Sunday, the People's Bank of China said in a statement. The current rate is 0.35 percent or 1.1 percent, depending on when the deposits were placed.
The fund is a saving scheme that lets employees and employers set aside a portion of wages that can be used as mortgage deposits.
“The move will help employees gain reasonable returns from their deposits in the fund and make the program fairer and more effective,” the PBOC said.
The hike will not affect the country's overall interest rate system, it noted.
Chinese authorities have issued several measures to revive the property market after it took a downturn in 2014.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
