The Shanghai Daily reported on March 31 that the Beijing headquarters had ordered the Shanghai branch to cut down the mortgage rate discount for first-time homebuyers from the previous 30%.
A source told the daily that a 15% discount is possible if buyers offer a 20% to 30% down payment. A discount of 25% would be given to those who offer a down payment of above 30%, the report said.
“Currently, this new rule has been implemented in Shanghai. In addition, China Construction Bank, Bank of Communications and Industrial Bank are said to have cancelled the 30% discount mortgage rate policy in Shanghai,” said the report.
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