China cuts 5-year mortgage rates as property crisis worsens

China cuts 5-year mortgage rates as property crisis worsens

China has cut its mortgage rates for the second time this year as the country’s central bank tries to mitigate the effects of a liquidity crisis in the real estate sector. The prime rate for five-year loans was cut to 4.3 percent from 4.45 percent on Monday, which is higher than the average economist forecast …

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