Shenzhen Banks Raise Interest Rate on First-home Mortgages

Source: Shenzhen Daily

Bank of China Shenzhen branch and China Everbright Bank (CEB) raised the preferential interest rate on first-home mortgages from 70 percent to 85 percent, while Shenzhen Development Bank Shenzhen branch adjusted its rate to 80 percent Friday, according to Xinhua News Agency.

Shenzhen Development Bank's Shenzhen branch implemented the discount of 80 percent recently, although the head office of the bank had not made any announcement on the adjustment, the bank said.

Shenzhen Development Bank also said its head office had agreed to allow its branches to lay down their business strategies according to competition and risks in the city's real estate sector.

Despite the preferential rate increase by the three banks, the Shenzhen branches of the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank and China Minsheng Banking Corp. Ltd. said their discount rates would remain at 70 percent, and that mortgage business remained good.

[More Guangdong and Pan PRD News]

Editor: Jessie Hwang