Mortgage Policy Relaxed

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China cut mortgage rates and down payment levels for some home buyers at the beginning of October for the first time since the 2008 global financial crisis, making one of its biggest moves this year to boost an economy increasingly threatened by a sagging housing market.

Second-home buyers can now get a 30 percent discount on their mortgage rates if they have fully repaid their previous mortgage loans, a privilege previously limited only to first-home buyers. Down payment levels were also cut to 30 percent from 60 percent to 70 percent, according to the announcement jointly made by the People’s Bank of China and the China Banking Regulatory Commission.



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