Mortgage payment holiday for residents

Worrying situation: Workers unload supplies in Shanghai. The city is the epicentre of China’s worst outbreak since the early days of the pandemic in Wuhan. — AP

SHANGHAI: China’s largest banks are allowing residents in Shanghai to delay their mortgage payments as part of the nation’s broader efforts to support the financial hub in its Covid fight.

Lenders including Industrial & Commercial Bank of China Ltd and Bank of Communications Co (Bocom) are offering Shanghai clients a payment holiday on their mortgage loans for as long as three months.