Chinese banks to stop lending for the purchase of the third loft

02.10.2010 10:47
Articles about real estate | Chinese banks to stop lending for the purchase of the third loft Commercial Bank of China will stop lending to buyers the third loft, reports Xinhua.

The Chinese Government has recently announced measures to further regulate and control the development of the property market and promote its healthy development in order to curb excessive growth in house prices in some cities.

One of these measures is the improvement of differentiated credit policy for home buyers.

In this regard, commercial banks will stop lending to individuals wishing to acquire ownership of the third and subsequent housing.

First home buyers must pay an initial fee of not less than 30% of the cost of housing, a down payment when buying a second home in installments must be at least 50% of its value, interest rates on loans must be at least 1.1 times the baseline .
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