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Central bank may raise mortgage rate

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K!~? fqJm`0The central bank is expected to increase the interest rate of mortgage loans to 1.1 times the benchmark one-year lending rate this week, sources said.

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xZ~&u3XZ gj0The move is an attempt to curb the rise in house prices and speculation in the property market.商务英语词汇ap JX'[?*e3x

}6I1V0Q|5nW0The current five-year lending rate has reached 7.83 percent after the central bank raised the interest rate for the fifth time this year on September 13.

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[ P2zc:uG0This means the interest rate for five-year mortgage loans could reach as high as 8.613 percent if the central bank makes a move this week.商务英语词汇j!Ls+N)y.So/R

d&C Y0P]x6y0"With the expansion of mortgage loans, and as the central bank continuously raises interest rates, mortgage loans are beginning to face a high risk of default," China Construction Bank (CCB) said in its latest report.商务英语词汇6jj"mI si&A$[

#NUyw!Ok-c0Total non-performing mortgage loans in three major commercial banks - CCB, the Industrial and Commercial Bank of China, and Bank of China - rose to 19.2 billion yuan at the end of 2006 from 18.4 billion yuan in 2005, according to CCB.

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The central bank is likely to stipulate commercial banks to raise mortgage deposits to at least 40 percent for homebuyers who intend to buy a second apartment, according to the source.

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DU8d \^ FaB0"Homebuyers will have to make a down payment of 40 percent to buy a second apartment, and for apartments for commercial use, the down payment will be raised to as high as 50 percent," he said.商务英语词汇v2IC~I X

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The minimum deposit for an apartment of more than 90 sq m is currently 30 percent while for apartments less than 90 sq m it's 20 percent.商务英语词汇"`4B-|X5Z&Z*K

5k;H s6_ A.j'P O0The central bank will also require commercial banks to stop lending to property developers who hoard land and house for speculation purposes, according to the source.商务英语词汇!E8pVKzQ ^

:WS\sB8WF0Property prices in 70 major cities jumped 8.2 percent in August from a year earlier after gaining 7.5 percent in July, according to figures from the National Development and Reform Commission.商务英语词汇(L'Q]r.j2Z

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Housing prices in Beijing rose 12.1 percent from a year earlier, while prices in Shenzhen went up 20.8 percent.

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X2ao?jd)aYL%N)l0Vocabulary: 商务英语词汇4Uno8J&g
homebuyer:购房者商务英语词汇[9o9^4@KW*G
downpayment:首付

TAG: 贷款 mortgage
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