Nan­jing banks tighten mort­gage loans

China Daily (Hong Kong) - - BUSINESS DIGEST -

The cash squeeze in the in­ter­bank sys­tem is rip­pling out across the res­i­den­tial prop­erty mar­ket, as many com­mer­cial banks in Nan­jing have called a stop to giv­ing mort­gage loans for properties that were oc­cu­pied and have been put up for sale. A num­ber of Nan­jing banks have sus­pended ac­cept­ing mort­gage loan ap­pli­ca­tions for pre-owned apart­ments, the National Busi­ness Daily re­ported on Wed­nes­day. The ap­pli­ca­tion process for el­i­gi­ble first-time home­buy­ers has been ex­tended to more than one month from one week, im­ply­ing com­mer­cial banks are tight­en­ing credit, a realty ex­pert said.

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