Three banks in Shenzhen raise interest rate on first-home mortgage

08:58, February 09, 2010      

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Bank of China Shenzhen branch and China Everbright Bank (CEB) raised the preferential interest rate on first-home mortgage from 70 percent to 85 percent, while Shenzhen Development Bank Shenzhen branch adjusted it to 80 percent last Friday, reported Xinhua.

Shenzhen Development Bank Shenzhen branch has already implemented the discount of 80 percent recently, though the head office of the bank has not made any announcement on adjusting the discount, said Shenzhen Development Bank.

Shenzhen Development Banks also expressed that under the guide of the business strategy from its head office, the bank agreed its branches to lay down their business strategies according to the marketing competition ability and the relative risks of real estate locally.

Despite a preferential rate increase in three banks, Shenzhen branches of the Industrial and Commercial Bank of China, the Agriculture Bank of China, the China Construction Bank, the Bank of Communications, the China Merchants Bank, the Shanghai Pudong Development Bank and the China Minsheng Banking Corp. Ltd. stated that they would remain the 70-percent discount. And their mortgage business is in good condition at present.

Source: Global Times
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