Guangzhou and Shenzhen will allow home buyers to enjoy preferential loans.
BEIJING: Two of China’s biggest cities eased mortgage curbs and the country’s top banks flagged mounting risks from the deepening property sector turmoil today, as Beijing ramps up efforts to shore up the sputtering economy.
Two of China’s biggest banks – Industrial and Commercial Bank of China Ltd and Bank of China – reported sluggish profit growth and shrinking profit margins for the first half. Just how cash-strapped Country Garden is will be the focus when China’s largest private property developer reports its first-half results today.The expected reduction in existing mortgage rates is one of several support measures Beijing has announced in recent weeks, as concerns mount about the health of the world’s second largest economy.
“I’m too disappointed in China real estate. I will not be attracted by the sector again unless home prices are reduced, a lot.”
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