Reuters
China’s big four banks cut mortgage rates in Guangzhou – sources
BEIJING (Reuters) -China’s four biggest banks lowered mortgage rates in Guangzhou city by 20 basis points on Monday, two people familiar with the matter said – a fresh move aimed at lending support to a property sector reeling from a severe cash crunch. The southern city of Guangzhou, the capital of Guangdong province, is home to the country’s most indebted property developer China Evergrande Group. Cutting mortgage rates for first-time home buyers to 80 basis points over the country’s benchmark loan prime rate (LPR) from 100 basis points were the Guangzhou branches of the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, said the two people.
