China’s government is trying to slow down red hot home sales by tightening up mortgage practices, which is leading to delays in loan approvals of as long as 108 days in some cities.Anna Li sold her home in Jinhua, Zhejiang Province at the beginning of April for around 2 million yuan (US$309,000). She received a down payment of 800,000 yuan immediately, but the rest was subject to payment from the buyer once the mortgage was settled.“My plan was to sell the old home and use that money for a…
Source : South China Morning Post
Read more…Home sales in China are slowing down due to longer mortgage approval times as Beijing seeks to calm growth















