Shanghai, Shenzhen see biggest dips of 60 percent of transaction volume in January

Homebuyers face more pressure getting financing after mortgage lending has tightened in several major cities, in a series of measures curbing speculative buying and cooling down the overheated property market, said analysts.

Although no official circular has demanded banks raise interest rates for homebuyers, banks in Beijing, Tianjin and Guangzhou have reduced discounts on benchmark rates by some 5 percent since the beginning of this month, according to a report in National Business Daily.