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Chinese central bank's Shanghai branch has asked lenders in the city to raise home mortgage rates as the country vows to step up real estate regulations and clean up irregularities in the property market.
The Shanghai branch of the People's Bank of China has asked commercial banks' local branches to increase home mortgage rate for first-time home buyers to 5 per cent from 4.65 per cent and to raise the mortgage rate for second-home buyers to 5.7 per cent from 5.25 per cent, according to several Chinese news outlets including . . .
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