China will set lower limits on mortgages rates, the People’s Bank of China said on Aug. 25. Starting on Oct. 8, banks will price mortgage loans based on the new loan prime rate. The rate on individual mortgage loans for first-time homebuyers cannot be lower than the LPR, while the rate on loans for second-time homebuyers cannot be set less than 60 basis points above the LPR.
Average new home prices in China’s 70 major cities rose 0.6% in July from the previous month, marking 51 straight months of gains, according to a Reuters calculation based on National Bureau of Statistics data released on Aug. 15. Prices rose 9.7% from the same period a year earlier, compared to a 10.3% increase in June.
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