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Foreign banks in China offer cheaper loans

08-04-2011 10:23 BJT

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Banks here in China are facing tougher regulations as the government tightens monetary policy and reigns in lending. But for foreign banks, it's a different story. Due to a lack of specified regulations on their operations, some are even offering loans at 15 percent discount. This is having an effect on China's property market.

Foreign lenders like Citi and HSBC have lower requirements when it comes to mortgages. But those looking to get around the domestic rules, beware - foreign banks require home buyers repay the loan in full if they want to transfer the loan to another bank.

Foreign lenders like Citi and HSBC have lower requirements when it comes to mortgages.

A staff in Citi Bank said, "If your monthly income is over 10,000 yuan, you can have a 10 percent off discount; if it's above 30,000 yuan, then 15 percent off. This is for second hand homes though, but nowadays the property-purchasing limits are the same. We also cooperate with big developers. The discount offer has always been here. It used to be max 30 percent off, but after the country's tightening policy, we lowered it to 15 percent, and then 10 percent after further housing policies. But 15 percent off is our top limit."

Editor:Li Wanran |Source: CNTV.CN

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