China tells banks to quicken mortgage lending

BEIJING Tue May 13, 2014 4:49am EDT

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BEIJING May 13 (Reuters) - China's central bank has asked banks to improve efficiency in mortgage approval processes while it will strengthen supervision of mortgage risks, underlining its efforts to support the flagging property market as the economy cools.

The announcement on Tuesday confirmed a Reuters story earlier in the day that the central bank has asked commercial banks to speed up the granting of home loans and to set mortgage rates at reasonable levels.

The People's Bank of China also told 15 commercial banks to appropriately allocate credit resources to satisfy first home buyer demand, according to the statement released on its website on Tuesday, (Reporting By Aileen Wang, Xiaoyi Shao and Jonathan Standing)

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