Property purchasers in China to get more safeguards

Potential homebuyers look at property models in Qingdao, Shandong province, on Aug 17, 2021. - China Daily

SHANGHAI (China Daily/Asia News Network): The cut in the mortgage rate in several Chinese cities, which came after a rare reference by China's central bank to property market stability, may suggest more sophisticated measures regarding housing loans are in the pipeline to safeguard the healthy development of the real estate market and protect homebuyers' lawful rights, said industry experts.

Despite a nationwide pickup in the mortgage rate for home purchases, some commercial banks in Guangdong province's Guangzhou and Foshan have cut home loan interest rates and sped up the processing of first-time loan applications, the 21st Century Business Herald reported, citing sources including property research institution CRIC and the Securities Times.