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Banks in parts of China that were hit by landslides, could cut mortgage rates by as much as 40 percent.
Disastrous landslides in parts of Gansu and Sichuan provinces have caused serious damage. In order to help those affected to reconstruct their homes, the People's Bank of China and the Banking Regulatory Commission have announced some preferential home loan policies. Down payments can be cut to ten percent.
And financial institutions should better handle cases of delayed home payments, because of landslides. Financial services will resume as soon as possible.