New mortgages down in Shanghai in Oct

Fewer individual mortgages were issued in Shanghai in October following new government policies designed to curb speculation in the real estate market, the Oriental Morning Post reported. Figures from the central bank’s Shanghai headquarters show US$670.66 million (RMB4.98 billion) worth of new mortgages were issued in October, down US$154.87 million (RMB1.15 billion) from September. On September 27, the central bank and the banking regulator announced that people taking out a second mortgage would be required to make a 40% down payment and pay a minimum of 10% interest. Those seeking a third or more mortgage would be asked to pay much higher rates.