Inside the Great Wall:Tightened liquidity continued to be seen in Beijing banks

澳门金沙国际js,The media reported that staff from different banks in Beijing said the
liquidityamong the banks has been tight, and some of the mortgages
applied for inMarch have not been approved yet. Regarding the mortgage
rate, most of thebanks are not offering discounts on first home
mortgages and some are evenoffering a 1.1x PBOC rate. Meanwhile, for
second home mortgages, theinterest rates are mostly at 1.1-1.2x PBOC
rate. (Hexun)Deutsche Bank’s comment:. The phenomenon of liquidity
tightening is in linewith our expectation. With the continual HPR, the
liquidity tightening couldresult in further impact to the market,
especially the secondary market. We thinkimpact on the secondary market
will continue to be strong given the pricelimitations in the primary
market are unlikely to be lifted in the short term. Wecontinue to expect
a 5% sales volume decline in 2017 and also expect a 5%price drop in T1/2
cities.

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