China banks lowering mortgage rate discounts

Beijing

CHINA'S banks in some big cities have started to lower discounts on lending rates for first-time homebuyers, the China Securities Journal reported on Thursday, joining recent steps to curb financial risks stemming from loose credit conditions.

Since the start of 2017, banks in Beijing have started discounting mortgage rates by as much as 10 per cent off the official benchmark rate, reducing from as much as 15 per cent previously, the newspaper said on its website.