FOREIGN BANKS RAISE RMB INTEREST RATE FOR HOUSING LOANS TO 6.12%
AsiaInfo Services, March, 2005
AsiaInfo Services 03-30-2005 Foreign Banks Raise RMB Interest Rate for Housing Loans to 6.12% SHANGHAI, Mar 30, 2005 (SinoCast via COMTEX) -- Several Shanghai branches of foreign banks like HSBC, Hangseng, and BEA have adjusted the RMB interest rate for the individual housing mortgage loans to 6.12 percent. There is not much impact since they mainly offer foreign exchange for individual housing loans. An official at BEA Shanghai branch said that there were not many banks to offer RMB mortgage loans services, which are available for foreigners only, and foreigners usually use US orHK dollars if purchasing houses with loans.
Even though the interest rate of US and HK dollars is also increasing, it has little impact on foreigners' house purchasing in Shanghai....
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