SHANGHAI, China (AP) - Acting to cool the sizzling property market, China's central bank on Thursday tightened mortgage lending rules to raise the cost of borrowing for property loans.
The adjustment to preferential mortgate rates, announced by the People's Bank of China late Wednesday, effectively raised the interest rate on a home loan with a maturity of five years to 5.51 percent - or 90 percent of the base rate of 6.12 percent - from the previous 5.31 percent.
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