Mortgage business slows

Banks in Beijing, Guangzhou, Tianjin and Wuhan suspended their mortgage business as they were running out of bank credit lines. Some banks, even though they did not discontinue their loan services, did however cancel interest rate concessions along with rising interest rates. However, there has been various degrees of extensions allowed on the mortgage approval process. Due to the tight lines on credit loan amounts, housing loan rates for first and second homes,have gone up 10 to 15 percent, said an employee from a China Citic Bank branch in Guangzhou. Heavy real estate loans have experienced an increase this year, which in turn has exacerbated tension on bank credit lines, szsb.sznews.com reported.

Mo effects

Nobel Literature Prize winner Mo Yan's home became a tourist attraction, as cars stretched over 2 km just to drive by it during the National Day holiday in Pinganzhuang, Gaomi county, East China's Shandong province. The "Mo Yan effect" actually has benefited the local farmers, and his hometown has since become a cultural hotspot. Mo's famous debut novel, Red Sorghum, is currently in production for a new televsion series, epaper.xkb.com.cn reported.

Nadal experiences Golden Week

Top-ranked Spanish tennis player Rafael Nadal experienced the thrills and frustrations that come with the National Day holiday while visiting the Summer Palace on Thursday in Beijing. Nadal told reporters, "The Summer Palace is very beautiful, but I wasn't expecting such a crowd," sports.qq.com reported.