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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (5071)6/20/2005 7:00:45 PM
From: RealMuLan  Read Replies (1) of 6370
 
Bank of China to raise Hong Kong mortgage rates 25 basis points - report
06.19.2005, 09:31 PM

HONG KONG (AFX) - Bank of China (Hong Kong), a major residential mortgage lender, will raise interest rates by 25 basis points on new home loans from today, the South China Morning Post said citing a bank official.

This is the lender's second such increase in two weeks, it added.

It new mortgage borrowers will be charged a rate of between prime minus 1.75 pct and prime minus two pct -- or an increase of 25 basis points.

That will be an effective annual interest rate of 3.75 pct to 4 pct, the paper said.

It said money has become increasingly expensive for both banks and customers in Hong Kong since the beginning of the year year. Speculative inflows of hot money betting on a yuan revaluation have largely dried up in recent months, it said.

forbes.com
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