Source: CCTV.com

02-03-2009 11:17

The Industrial and Commercial Bank of China has backed away from granting a 30 percent discount on mortgage rates for existing clients.

Last year, China's central bank allowed domestic lenders to double the 15 percent discount on individual mortgage rates to 30 percent, in a bid to trim the lending burden for home buyers.

The Industrial and Commercial Bank of China has backed away from granting a 30 percent discount on mortgage  rates for existing clients.

ICBC announced last month that it would launch an interest rate cut starting this month. But it announced on Monday that it's still preparing for the scheme, and does not have a timetable.

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Editor:Qin Yongjing