Mary applies all her money to her
mortgage.
玛丽将她所有的钱都用来付抵押贷款。
Tom's family have burdened themselves with a high
mortgage.
汤姆家负担了一笔很高的按揭借款。
A turnaround in the property sector in response to recent easing measures on mortgage lending and the lifting of restrictions in many first-tier and second-tier cities will be a decisive indicator for growth bottoming-out.
房地产行业的好转将是增长触底的决定性指标，以应对最近的抵押贷款宽松措施和许多一二线城市的限制解除。
They have further affected the asset quality of banks' home mortgage loans and credit card businesses," said Zhang Xuguang, executive vice-president at Agricultural Bank of China, at a recent news conference announcing the bank's 2022 interim results.
它们进一步影响了银行住房抵押贷款和信用卡业务的资产质量，”中国农业银行执行副行长张旭光在最近宣布该行2022年中期业绩的新闻发布会上表示。
China Vanke, a leading real estate developer, remains confident in the market recovery trend despite recent mortgage payment concerns as the company reported year-on-year growth in both income and profit in the first half.
领先的房地产开发商中国万科（China Vanke）对市场复苏趋势仍充满信心，尽管该公司公布上半年收入和利润同比增长，但最近对抵押贷款支付表示担忧。
The sales volume fell sharply again in July as market confidence was bruised by a wave of homebuyers refusing to make mortgage payments due to the delayed delivery or stalled construction of their presold homes.
7月份，由于预售房屋延迟交付或施工停滞，一波购房者拒绝支付抵押贷款，市场信心受挫，销量再次大幅下降。
Overdue mortgage loans of those properties totaled 78 million yuan ($11.5 million) as of the end of last month, accounting for merely 0.028 percent of the bank's total mortgage loans for personal housing.
截至上月底，这些房产的逾期抵押贷款总额为7800万元人民币（1150万美元），仅占该行个人住房抵押贷款总额的0.028%。
Under this agreement, the two parties will conduct research and innovation in carbon finance products and derivatives, such as carbon emission rights mortgage and pledge financing, carbon trading, carbon bonds and carbon funds through a diverse range of cooperation, it said.
Apart from focusing on middle-income earners, China's millennials will have more purchasing power because many of their parents not only own an apartment but are not weighed down excessively by accommodation or mortgage concerns, said Ma Yu, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation.
Fosun Tourism Group, the travel business under the Shanghai-based conglomerate Fosun International, announced on Sunday it will issue 7 billion yuan ($986.9 million) in commercial mortgage backed securities to provide sufficient cash reserves and accelerate the Group's development.
In the week ending Jan 17, four companies listed on the US exchanges, including three Chinese issuers and a US mortgage lender, according to IPO information platform Renaissance Capital.
Apple's initiative, in partnership with Governor Gavin Newsom, the state and community-based organizations, includes $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers, $300 million worth of land owned by Apple for new development in San Jose and $200 million for low-income housing in the Bay Area, according to the company.
Mortgage broker LendingTree identified Michigan as the state with the highest risk of a recession in the fourth quarter because of recent months of higher unemployment and weakness in wages.
"The low-cost housing agenda seeks to address the acute shortage by cutting construction costs through use of innovative technologies, reducing mortgage cost, and raising low-cost funds from private and public sectors for investment in large-scale housing construction," he explained.
Guo Xin, a marketing professor at Beijing Technology and Business University, said that in addition to middle-income earners, China's millennials will have more purchasing power because many of their parents not only own an apartment but are not weighed down excessively by accommodation or mortgage concerns.
Guo Xin, a marketing professor at Beijing Technology and Business University, said in addition to middle-income earners, China's millennials will have more purchasing power because many of their parents not only own an apartment but are not weighed down excessively by accommodation or mortgage concerns.
In May, US President Donald Trump signed into law key changes that include loosening mortgage regulations and having fewer regulations for thousands of midsize banks — banks with less than $250 billion in assets.
Student loan debt, which has ballooned to about $1.5 trillion against the backdrop of state budget cuts on universities, is second only to the $9 trillion mortgage debt.
Genworth, headquartered in Richmond, Virginia, focuses on home mortgage insurance and long-term care insurance.
The first such mortgage deal in the bike-sharing sector highlights Ofo's heavy reliance on fundraising to maintain operations amid its mounting competition with Mobike Technology Co Ltd. Ofo mortgaged roughly 4.45 million bikes in Beijing, Shanghai, Guangzhou and Shenzhen to a company, roughly translated as Shanghai Yunxin Entrepreneurship Investment Co Ltd, on Feb 5, according to National Enterprise Credit Information Publicity System.
Guo Tianyong, a researcher at the Central University of Finance and Economics, said mortgage assets can give investors a sense of security when they pour money into startups.
Housing demand was restrained further as the tight-policy environment persisted in the fourth quarter of 2017, with banks in Beijing increasing mortgage rates by 10 to 20 percent over the benchmark lending rate for both primary and secondary homebuyers.
Taking a strong foothold in mortgage loans, the second largest commercial bank by assets in China signed contracts with 11 companies, including large developers such as China Vanke Co Ltd, China Evergrande Group and Country Garden Holdings Co Ltd, to provide 5,481 houses for long-term rent in Shenzhen.
Since the end of 2016, dozens of local governments have passed or expanded their restrictions on house purchases and increased the minimum down payment required for a mortgage.
China Everbright Bank was established in 1992 with operations in corporate, treasury, investment banking, wealth management and mortgage businesses.
"But the mortgage held accountable is enough to cover the loan," a LeEco spokesperson said.
CCB will leverage its financial strengths in infrastructure construction, engineering cost consultation, housing mortgage as well as renminbi business.
As part of the latest steps to stabilize the real estate market, Beijing and Shanghai reduced down payment ratios and mortgage rate floors in the middle of last month, after Guangzhou and Shenzhen in Guangdong province eased housing market policies.
The FTZ has also helped in organizing financing, asset mortgage and insurance for the company, which is crucial to replicate Jinghai's business model in other areas, he said.
In addition, the housing ministry encouraged the easing of restrictions for first-home buyers, suggesting they should enjoy lower mortgage lending rates and downpayment ratios.
The real estate market has shown signs of recovery in many regions, with the implementation of policies such as granting favorable mortgage terms to "first home buyers" based on their property ownership status rather than their mortgage history and lowering the mortgage rates for existing first-time home-buyers.
The mortgage interest rate for first-time homebuyers should be no less than the level of 20 basis points below the loan prime rate, according to a statement issued by the People's Bank of China, the country's central bank, and the National Administration of Financial Regulation.
The one-year LPR was 3.45 percent last month, while the five-year LPR, on which lenders base their mortgage rates, was unchanged at 4.2 percent.
More importantly, residents of counties and county-level cities boast strong purchasing power as most don't shoulder heavy mortgage pressure, and their incomes, which are the main factors determining consumption, remain stable, said Xu Hongcai, deputy director of the China Association of Policy Science's economic policy committee.
Even though higher property prices tend to correlate to higher consumption, high mortgage payments have the potential to crowd out consumption.
The early mortgage repayments that we have seen in China are an opportunistic move by consumers to refinance their debt at lower interest rates, rather than a desire to reduce leverage because of a decline in asset values.
On the other hand, US mortgage rates have reached a new high, and buyers' willingness in the real estate market has thus been suppressed from the demand side.
Recently, the central bank implemented a plan to lower interest rates on mortgage loans, which will ease some household debt burdens.
This is also why infrastructure and real estate investment have become the two main levers of China's steady growth for more than a decade after the subprime mortgage crisis in 2008.
Necessary efforts include further relaxing purchase restrictions and lowering mortgage rates, providing more credit support to property developers and expanding special funds to ensure housing project delivery, Wang said.
The reduction in mortgage borrowing by households has been accompanied by a significant increase in their cash-based assets, indicating their risk-averse behavior; meanwhile, credit and investment in the corporate sector have grown at a normal clip, which is very different from what was seen during Japan's balance sheet recession.
Take for example the global financial crisis of 2007-09 triggered by the United States subprime mortgage crisis, where the international community learned how important strengthening unity and cooperation is to crisis response.
To further promote consumption growth, policymakers will likely remove administrative restrictions that impede people's consumption abilities in areas such as automobile and housing, and offer more policy incentives such as lower mortgage rates and smaller down payment requirements for home buyers in lower-tier cities, said Wang Yun, a senior research fellow at the Chinese Academy of Macroeconomic Research.
In addition, as the economy continues to recover, the effect of eased property policies and lower mortgage rates will continue to come through, supporting further recovery of property activities, she said.
The second round was triggered by the global financial crisis between 2008 and 2009, when mortgage interest rates were discounted by 30 percent in October 2008 and a large-scale investment plan of 4 trillion yuan was promoted in November.
"We expect to see more supportive policies for the real estate sector this year, for example, toward mortgage rates and lending rates to developers," Zhang said.
For example, developers are getting help with financing in all aspects, cities are canceling or relaxing purchase restrictions, and mortgage interest rates have also dropped quite a bit.
The UBS survey also found that willingness by potential homebuyers has also improved compared to 2021, supported by factors such as lower mortgage rates, higher mortgage availability, lower housing prices and improved affordability.
Additionally, down payment ratios and mortgage interest rates should be further reduced.
There is still room for mortgage interest rate reductions as well.
Scion Asset Management's Michael Burry, whose shorting on the US mortgage market in 2008 was depicted in the movie The Big Short, purchased 75,000 shares of Chinese e-retailer JD and 50,000 shares of Alibaba in the fourth quarter, with each accounting for 9.46 percent and 9.05 percent within his investment portfolio.
There is still room to further adjust mortgage rates and down payments for first-time homebuyers, said Liu Linan.
Liu Linan, managing director and head of Greater China macro strategy at Deutsche Bank, said there is still room for further adjusting mortgage loan rates and first-time homebuyers' down payments.
To that end, the country should work to increase people's incomes, especially for those hit hard by the epidemic, properly relax restrictions on house purchases and mortgage loans, and revive service consumption, Wang said.
Regarding the housing market, Yi said the PBOC has tailored policy solutions to local specificities, including cutting mortgage rates and down payment ratios to support real housing needs.
The Agricultural Bank of Inner Mongolia broke through the local tradition that live cattle cannot be mortgaged, and innovatively carried out live cattle mortgage loans, which suddenly aroused the enthusiasm of farmers and herdsmen.
To date, the Agricultural Bank of Inner Mongolia has issued 2.53 billion yuan of live cattle mortgage loans in the banner, benefiting five leading enterprises and more than 22,000 herdsman households.
- Tax reliefs, mortgage rate cuts and other measures rolled out in favor of China's home buyers are spurring demand and stabilizing property market expectations, analysts say.
China has also granted leeway for eligible cities to maintain, slash or scrap lower limits for first-home mortgage rates until the end of this year.
Industry insiders say current first-home mortgage rates are in a historic trough, and housing costs are falling.
According to a report from the People's Bank of China, mortgage rates for personal housing loans issued in October were at 4.3 percent, down 4 basis points from the previous month and 133 basis points from the end of last year.
To support the healthy development of the housing sector, the central bank has cut mortgage rates, lowered down payments, and encouraged the banks to introduce a special lending program for developers to ensure the timely completion of unfinished housing projects, Yi said.
Despite the encouraging market recovery, some homebuyers' suspension of mortgage payments (due to delayed deliveries or suspended construction of their presold homes) should be cautiously handled, because if the issue is not resolved effectively, property sales this month may be affected, said Wang Xiaoqiang, chief analyst with the Zhuge Real Estate Data Research Center.
The plan encourages qualified financial institutions to set up marine finance business units to process mortgage loans and pledge loans for the usage of specific sea areas and uninhabited islands, ships under construction and oceangoing vessels.
This is a striking stimulus program when we compare it to the Subprime Mortgage Crisis of 2007-2008.
China's over-five-year loan prime rate, a market-based benchmark lending rate on which many lenders determine their mortgage rates, dropped 15 basis points to 4.45 percent on Friday, after the country's new yuan-denominated loans were down by 823.1 billion yuan year-on-year to 645.4 billion yuan in April.
As measures to bolster credit demand filter through, market interest rates－including mortgage rates－may further decline, prop up credit expansion from June and help drive China's economic recovery, Ming said.
Regulatory authorities may consider judiciously easing restrictions on home purchase and sales, lowering mortgage rates appropriately and optimizing supervision over presale funds.
Mortgage rates have inched down this year as part of the nation's efforts to optimize property sector regulations.
The mortgage interest rate was cut in more than 100 cities nationwide in March, said Zhang Dawei, chief analyst at Centaline Property Agency Ltd.
Since the beginning of March, in the face of weakening demand, banks from more than 100 cities have reduced mortgage rates, making market-oriented adjustments adapted to local situations, according to the PBOC.
In order to stabilize local property markets, more local governments may ease homebuying restrictions, reduce mortgage rates and lower down-payment requirements, but will continue to stay away from any big moves that could overstimulate the sector, she said.
In addition, regulators also encouraged commercial banks to reasonably set first home mortgage requirements for new urban residents who meet home-purchase conditions and to improve convenience for them to borrow and repay such loans.
At the end of 2020, the PBOC and the CBIRC set regulations to impose caps on the exposure to property lending and mortgage lending to curb concentration risks.
Due to the government's efforts to fine-tune relevant real estate policies, including relaxation of mortgage quotes, expediting mortgage approvals and loosening credit limits to healthy developers, the latest figure of housing sales and home prices has show signs of recovery.
Chen Dong, head of Asia macroeconomic research at Swiss company Pictet Wealth Management, said that while the property slowdown could have a negative impact on China's overall economic growth, the threat to the nation's financial system can be controlled, as the quality of domestic mortgage loans is relatively high.
Although Chinese banks have accelerated the issuance of property development loans and home mortgage loans since October under the guidance of the People's Bank of China, the central bank, and the China Banking and Insurance Regulatory Commission, the growth of these two types of loans is actually an offset against previous declines in the growth of such loans earlier this year, Gong said at Moody's & CCXI 2022 Credit Outlook Conference on Thursday.
Macroeconomic experts in China said on Thursday the US Federal Reserve's latest signal that it may taper $120-billion-a-month purchases of Treasurys and mortgage bonds would not unduly affect the country's current financial condition.
China's outstanding balance of consumer lending in a narrow sense, excluding mortgage loans and auto loans, will increase to about 29 trillion yuan ($4.5 trillion) in 2025, up from about 15 trillion yuan at the end of 2020, said a report issued by McKinsey & Company on Wednesday.
In the process of promoting the accumulation of pension assets overseas, there are various kinds of financial products, such as long-term care insurance, target-date fund, and housing reverse mortgage.
Zhang cited China's recent policy measures, including regulation on mortgage loans, as evidence of government resolution to tackle the economic problems.
"Financial institutes fully owned by Hong Kong and Macao investors and a series of cross-border services in payment and settlement, housing mortgage and medical insurance have been launched in the Guangdong FTZ," said Zhang Jinsong, director of the general affairs office of the Guangdong FTZ.
"In such a scenario, personal assets would shrink and mortgage loans would not be repaid," he said.
Meanwhile, 3,434 mortgage contracts were signed, and the number of properties involved increased by 66.3 percent to 4,914.
In addition, financial institutions are also urged to continue to provide quality mortgage loan services while strengthening their support for the so-called three major projects that include the transformation of "urban villages".
Data from the administration showed that outstanding developer loans and housing mortgage loans stood at 12.3 trillion yuan ($1.72 trillion) and 38.3 trillion yuan, respectively, to date.
In 2023 alone, 3 trillion yuan in developer loans and 6.4 trillion yuan in housing mortgage loans were issued.
The measures included reducing down payment ratios, lowering mortgage interest rates, encouraging commercial banks and borrowers to negotiate more favorable interest rates, providing financial support to ensure the timely delivery of property projects, and giving financial support to local governments' low rental housing, among others, said Guan Rongxue, a senior analyst at Zhuge Real Estate Data Research Center.
The optimization measures, like lowering down payment ratios, cutting mortgage interest rates, and optimizing the definition of ordinary housing, will activate the home market in the two cities and boost overall market confidence, helping to promote the stabilization of the Chinese housing market, said Chen Wenjing, director of research at the China Index Academy.
Previously, even if a borrower has no house in Beijing, if he or she has had a mortgage loan anywhere in the country — even a commercial loan from a bank or a housing provident fund loan — he or she was not eligible for the first-house policy of the housing provident fund.
He believes REITs will be more popular with institutional investors with the decreasing assets price and mortgage rates, especially for those REITs focusing on city's core assets.
Chinese cities started implementing lower mortgage rates for first-time homebuyers on Monday.
More than 40 million mortgagors would benefit from the latest first-home mortgage interest rate adjustments that would see an average cut of 0.8 percentage point in interest rates, with total value of mortgages possibly amounting to 25 trillion yuan ($3.4 trillion), Xinhua News Agency reported.
The new measures identify people who do not own any residential properties in the respective region at the moment as first-time home buyers, which makes them eligible for lower mortgage rates.
The easing of home purchase requirements in major Chinese cities, combined with lower mortgage rates, will likely support the real estate market's further recovery, Chen said.
However, recent policy adjustments, including reducing down payments and mortgage rates, have helped boost market confidence, Fu said.
On the evening of Sept 1, both Beijing and Shanghai adopted a policy to recognize households with mortgage records but no local property ownership as first-time homebuyers, making them eligible for favorable down payments and lower mortgage rates.
Various regions have also introduced a combination of encouraging policies, such as selling-old-for-new schemes, tax subsidies and reduced mortgage interest rates.
"Various favorable policies have been successively introduced of late, like reducing down payment ratios, lowering mortgage interest rates and adjusting eligibility criteria for first-time homebuyers.
So far, more than 20 cities — including first-tier cities Beijing, Shanghai, Guangzhou, the capital of Guangdong province, and Shenzhen, also in Guangdong — have adopted the policy to recognize households with mortgage records but no local property ownership as first-time homebuyers, making them eligible for favorable down payments and lower mortgage rates.
Beijing, Shanghai, and Guangzhou and Shenzhen in Guangdong province have eased credit rules for homebuyers, identifying people with no local ownership of residential properties at the moment as first-time homebuyers eligible for favorable mortgage conditions during their loan application process.
The cities decided that regardless of their previous home mortgage history, as long as members of families (including borrowers, spouses and minor children) applying for housing loans do not own any apartment or home in the city, they should be treated as first-time homebuyers during their home loan application process.