First Tier Cities Sees Mortgages Back to 15% Discounts

Among 23 hot spot cities tracked, as of June 23, 9 had mortgage discounts. Beijing and Shanghai were 15% off the benchmark rate; Guangzhou and Hangzhou 10% off; Shenzhen, Tianjin and three other cities saw 5% off. The rest of the cities are at benchmark or above.

Even though discounts are offered, credit standards are up. Shanghai Minsheng Bank requires customers to have average assets of ￥1 to ￥3 million yuan to receive a 5% discount; ￥3 to ￥5 million to receive a 10% discount; ￥5 million and up to receive a 15% discount.

The big four banks increased their mortgage loan quotas in June and sped up mortgage processing.
一线城市房贷利率松动 个别银行再现8.5折利率