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。
Its NPL ratio for residential mortgages was 0.25 percent at the end of June, up 0.05 percentage points from the end of last year, and the NPL ratio for corporate loans and advances to the real estate sector increased by 1.13 percentage points to 2.98 percent.
截至6月底，中国住房抵押贷款不良贷款率为0.25%，比上年末上升0.05个百分点，企业贷款和房地产预付款不良贷款率上升1.13个百分点，达到2.98%。
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。
The balance of its residential mortgages reached 6.48 trillion yuan, and the NPL ratio increased by 0.05 percentage points to 0.25 percent, according to the bank's 2022 interim results announcement.
根据该行2022年中期业绩公告，其住房抵押贷款余额达到6.48万亿元，不良贷款率上升0.05个百分点至0.25%。
Recent cases of some homebuyers refusing to pay mortgages due to delayed deliveries or stalled construction of their presold homes have affected Ping An Bank's business, but the impact has been limited, executives said on Thursday.
高管周四表示，最近一些购房者因延迟交付或预售房屋建设停滞而拒绝支付抵押贷款的案例影响了平安银行的业务，但影响有限。
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.
Securitization is the practice of pooling various types of contractual debt, such as mortgages, and selling their related cash flows to third-party investors as securities.
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.
The financial overhaul ruled out government bailouts of big banks in the future and protects consumers from risky loans, e. g. toxic mortgages and abusive financial services.
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.
Consumption is also expected to spur economic growth in the first quarter, thanks to the repricing of outstanding mortgages for first-time homebuyers that has boosted household incomes, alongside the seasonal surge in consumer spending around Spring Festival, Wang said.
In December last year, PBOC restarted supplementary mortgages, which played a part in the government's efforts to stabilize the property market.
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.
In terms of credit, real estate development loans and personal mortgages issued by major banks increased by more than 100 billion yuan ($13.68 billion) in September compared with August, Zou said at a news conference on Friday.
Zou also said the central bank's efforts to reduce the interest burden of existing mortgages have made rapid progress as 49.73 million in mortgages — representing 98.5 percent of the mortgages eligible for interest rate reduction and worth 21.7 trillion yuan in total — had interest rates reduced during the week starting Sept 25.
The weighted average interest rate of those mortgages decreased by 0.73 percentage point on average to a weighted average of 4.27 percent, Zou said, adding the alleviated interest rate burden will help boost investment and consumption.
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.
Zou said the central bank will keep liquidity conditions ample, lower financing costs of the real economy and encourage financial institutions to reprice outstanding mortgages and support the resolution of local government debt risks.
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.
The government has ramped up efforts to shore up the sector by lowering down payments and reducing the interest rates of new and existing mortgages, along with other measures to strengthen the broader economy, such as cutting stamp duty and personal income tax.
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.
If rural residential property trading and mortgages are allowed to flourish, property incomes of rural residents will be spurred.
As a result, they are unable to utilize financing methods such as mortgages, investments and equity sharing, leading to inherent liquidity constraints within the system.
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.
Yang said efforts should be made to reform income distribution, including financial measures to reduce consumers' costs of getting loans and servicing their outstanding mortgages.
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 remains room for reducing interest rates to spur investment, reduce household costs and ease the government's ability to service debt, he said, adding that more financial support for real estate developers and mortgages remaining necessary.
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.
Some key figures indicating the trend of the sector, such as the balance of residential mortgages, even recorded negative growth in the past two months.
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.
Also, the country will support banks in extending principal and interest repayments this year on loans made to micro, small and medium-sized enterprises and self-employed households, truck loans as well as mortgages and consumer loans borrowed by individuals facing temporary difficulties.
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.
"Targeting woes affecting MSMEs' financing, the new plan will help solve problems such as lack of effective mortgages and the information asymmetry between banks and enterprises," Chen said.
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.
Meanwhile, the government may also fine-tune its policy mix for better policy coordination and execution results, and correct any overdone measures such as when it comes to some local government regulations on mortgages and restrictions on coal production, Wang said.
In the real estate market, the policy of "Three Red Lines" to control loans for property developers and mortgages has constrained some trading.
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.