China recently raised interest rates for home mortgages, as People's Bank of China, the country's central bank, said it supports the recent interest rate increase.
The average interest rate for first-home mortgages was 5.12 percent in August, up 2.47 percent month-on-month, according to the Securities Daily. It was the eighth consecutive monthly increase this year. Some banks have even halted home loans.
The contribution of real estate to GDP growth was 6.2 percent in the first half of 2017, down from 8.2 percent during the same period last year, media reported in August.