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BEIJING/HONG KONG, Aug 30 - Two of China's biggest cities eased mortgage curbs and the country's top banks flagged mounting risks from the deepening property sector turmoil on Wednesday, as Beijing ramps up efforts to shore up the sputtering economy.
Two of China's biggest banks - Industrial and Commercial Bank of China Ltd and Bank of China - reported sluggish profit growth and shrinking profit margins for the first half. Just how cash-strapped Country Garden is will be the focus when China's largest private property developer reports its first-half results on Wednesday.
Homeowner Jackson Wang said he is going to move his mortgage with a top Chinese bank to the provident housing fund, which would lower his interest rate to 3.2% from the current 4.8%. He pays more than 5,000 yuan per month for a flat in the eastern city of Linyi. "The impact could be much bigger on developers' sales if regulators implemented the policy six to nine months ago," he said.
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