BIZCHINA / News
Public housing fund rate rises 18 basis points
(Shanghai Daily)
Updated: 2007-03-19 16:19
China's Ministry of Construction announced the rate raise for loans
offered by the public housing fund by 0.18 percentage point yesterday,
following the central bank's boosting of loan and savings interest rates.
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Interest rate up to check lending growth
Central bank raises benchmark interest rates by 0.27%
The rate for loans under five years' maturity has been increased to 4.32
percent from 4.14 percent. Rates for loans over five years' maturity rose
to 4.77 percent from 4.59 percent.
"The slight raise won't affect the property market a lot, but may sway
many potential buyers' plans," said Cong Cheng, an official with
Shanghai's pubic housing fund management center.
The construction ministry announced the lift this time instead of the
central bank, which means that the country regards the raise as a
property policy, Cong said.
The central bank moved to curb its booming credit and keep consumer
prices stable by raising loan and savings interest rates by 0.27
percentage point on Saturday.
The one-year loan rate rose from 6.12 percent to 6.39 percent, and the
one-year deposit rate climbed from 2.52 percent to 2.79 percent.
The hikes were the first since August, when the central bank also lifted
the benchmark one-year interest rate by 0.27 percentage point.
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