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Report: CN SOE Banks Offer 2-Yr Mortgage Repayment Grace Period to Borrowers
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In response to the prolonged downturn in China's real estate market, several state-owned (SOE) banks proactively contacted cash-strapped borrowers and offered mortgage repayment grace periods of up to two years, Bloomberg, citing people with the knowledge of the matter, reported. The banks would also assist in finding homebuyers instead of declaring defaults and repossessing properties. Local courts across China purportedly slowed the approval process for mortgage default cases to limit the number of forced property auctions. Some courts suspended or restricted the number of mortgage default lawsuits that banks can file, sources divulged. Auto-translated by AI AASTOCKS Financial News |
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