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Home sales in China are slowing down due to longer mortgage approval times as Beijing seeks to calm growth © Bloomberg Chinese families have been racing to bid up densely-packed flats. Photo: Bloomberg China s government is trying to slow down red hot home sales by tightening up mortgage practices, which is leading to delays in loan approvals of as long as 108 days in some cities. Anna Li sold her home in Jinhua, Zhejiang Province at the beginning of April for around 2 million yuan (US$309,000). She received a down payment of 800,000 yuan immediately, but the rest was subject to payment from the buyer once the mortgage was settled.

Hong kongGuo shuqingHanna liLi keqiangMartin zhangBeike research instituteSouth china morning postLujiazui forumChina morning post publishers ltdInsurance regulatory commissionShuntian real estate agency in zhongshanBloomberg chineseZhejiang provinceShuntian real estate agencyChina bankingChina morning post publishers