Banks set mortgage-fund goal

The People's Bank of China has instructed commercial banks to make 100 billion yuan (about HK$92.94 billion) available to house-buyers this year, the Securities Times reported. The central government is rewriting regulations covering mortgages, with the new measures allowing all commercial banks to engage in mortgage lending, the report said. It said mortgage lending, at present only allowed in large and mid-sized cities, would be permitted throughout the country, and the time scale for mortgage repayments would be lengthened.