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CBRC to stick to rules on mortgage for second home

(Xinhua)
Updated: 2009-07-24 09:42

China's banking regulator said Thursday that rules on mortgage for second-home buyers were not changed and it would "unswervingly" maintain it's current rules.

Special coverage: Housing in China Related readings:  China's property climate index up for three straight months  Regulator urges banks to be cautious in lending  Beware housing bubble  China's bank loan total exceeds full-year target

Liao Min, spokesman of the China Banking Regulatory Commission (CBRC), made the remark in response to recent domestic media reports that the CBRC would tighten such rules on worries that soaring bank loans would create a bubble in the country's property market.

Down payment on second homes is currently set at no less than 40 percent of the price.

Chinese lenders extended a record 7.37 trillion yuan ($1.08 trillion) of new loans in the first half of this year, exceeding the whole-year target of five trillion yuan, after the government eased lending restrictions in November to boost the world's third largest economy.

Liao said the rules on mortgage for second home are in line with the situation of the property market in China and are conducive to preventing speculative purchases.

He noted that the CBRC would be cautious about credit risks in the property market and ordered lenders to stick to rules and step up scrutiny over approvals.