China Bank Raises Mortgage Interest Rate – AP

From AP via Yahoo News:

China has raised mortgage interest rates and increased the downpayment needed for loans to finance purchases of second homes in a move aimed at countering property speculation that is driving up prices.

The widely expected moves were announced in notices seen Friday on the central bank’s Web site. Authorities have announced a string of measures intended to cool surging property prices and discourage speculative investments….[Full Text]