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Several Chinese cities see lower home mortgage rates

Commercial banks in several Chinese cities including Beijing, Hangzhou and Nanjing have lowered interest rates on home mortgage loans and also accelerated the process of granting loans, bolstering speculation of relaxing restrictions over the sector.

Branches of the Industrial and Commercial Bank of China and Bank of China in Hangzhou, in China's eastern Zhejiang province, took the lead in lowering mortgage interest rates recently, followed by local branches of China Construction Bank, Agricultural Bank of China, China Merchants Bank and HSBC Bank.

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