Banks in nearly 90 Chinese cities cut mortgage rates: Report

Banks in nearly 90 Chinese cities cut mortgage rates in February in a bid to boost sales in a residential property market chilled by a prolonged liquidity crunch for many developers.

Banks in nearly 90 Chinese cities cut mortgage rates in February, a private research group said, in a bid to boost sales in a residential property market chilled by a prolonged liquidity crunch for many developers. Mortgage rates in 87 out of 103 cities surveyed by Beike Research Institute have come down, with 30 of them, including Beijing, leading with cuts of 5 basis points on average, in line with a similar decline in the five-year Loan Prime Rate (LPR) in January, the group said in a report published on Monday.
 

The mortgage rate reductions by commercial lenders followed two