China
From Chinese Media
Chinese cities raise property down payments
Updated: 2011-07-07 17:18
By Ben Yue (chinadaily.com.cn)
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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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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