NBK asks Shanghai lenders to raise mortgage rates

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SHANGHAI, July 24. (Reuters) – China’s central bank has ordered lenders in Shanghai to raise mortgage rates for first-time homebuyers to 5% from 4.65%, media reported as the government ramps up efforts to contain overheated property. sector.

The Shanghai branch of the People’s Bank of China (PBC) also ordered the city’s banks to raise mortgage rates for people who buy second homes from 5.25% in Shanghai to 5.7% starting Saturday, the official China Securities Journal reported. Saturday, no source indicated.

NBK Shanghai declined to comment.

Reporting by Samuel Shen, Zhang Yang and Vidya Ranganathan Editing by Robert Biersel

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