Mortgages for Third Homes Suspended
China's State Council, the cabinet, has ordered banks to suspend mortgage loans to those with mortgages for at least two homes in cities where housing prices have surged, a clear signal to curb speculation in the housing market.
In a new rule issued on April 17, only residents who work in a city for more than one year can get mortgage loans from banks. Provincial and Municipal governments can limit the number of apartments a person can buy when the cap is necessary for curbing speculation.
- MOST POPULAR