The Beijing branches of China Construction Bank Corp have implemented different policies for mortgage lending rates and raised interest rates for first-time home buyers, according to a report by Xinhua News Agency.
The report said that mortgage rates by China’s largest mortgage lender by assets rose five percent above the benchmark level.
Many banks in the country’s major cities have stopped offering discounts for first-time buyers, as lending rules implemented by the government have limited the amount of loans banks can offer.
The report added that the bank’s move indicates that the government will stick with its policies to cool the property sector.
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