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From Chinese Media

Chinese cities raise property down payments

Updated: 2011-07-07 17:18

By Ben Yue (chinadaily.com.cn)

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The increasingly tightened credit policy made banks to hike the minimum down payment rate for first home buyers, the Beijing News reported on Wednesday.

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In the wake of China Construction Bank Zhejiang branch that raised the minimum down payment to 40 percent from 30 percent for first home buyers in May, many big cities in China, including Nanchang, Shijiazhuang, Guangzhou and Shenzhen, are reportedly raising property down payments or mortgage interest rates due to tight monetary policies.

A credit manager of China Construction Bank Guangdong branch said that the bank requires buyers pay an extra 10 percent higher than the central bank's benchmark loan rate, with a rider that they must also buy five personal financial products provided by the same bank.

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