Source:
https://scmp.com/property/hong-kong-china/article/2069786/beijing-shortens-mortgage-terms-citys-second-home-borrowers
Property/ Hong Kong & China

Beijing shortens mortgage terms for city’s second-home borrowers

Second-home borrowers must repay their loans in 25 years, instead of the previous 30 years, agents say

Beijing cityscape. Photo: Shutterstock

Beijing’s government has shortened the mortgage duration of second-home borrowers domiciled in the city, taking another step to clamp down on speculative home buying and control runaway prices.

Buyers who already own one residential property are now only eligible to take out a mortgage on a second home for no more than 25 years, cutting back the loan period from the previous 30 years, according to several agents in the city.