Economy

China banks resume 3rd-home loans in big cities

(Agencies)
Updated: 2010-07-12 10:21

SHANGHAI - Banks in China's first-tier cities, including Shanghai and Shenzhen, have all resumed lending to third homes,?the Securities Times reported on Monday.

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Banks in cities near Shanghai, such as Nanjing and Hangzhou, have also resumed such mortgage loans, the newspaper said.

China in April banned loans for third homes amid stepped-up efforts against property investment and speculation, triggering a slump in property stocks and China's stock market.

The Securities Times reported on Monday that banks in Beijing and Shenzhen have started lending to third-home buyers with a down payment ratio of at least 50 percent.