DUO Stock Rises on New Mortgage Rate Policy by Major Chinese Banks

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Oct 31, 2024

房多多 (DUO, Financial) saw its stock rise by 3.6% in pre-market trading, reaching $1.15. This increase follows an announcement from six major Chinese commercial banks, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank. These banks will implement a new pricing mechanism for commercial personal housing loan interest rates starting November 1.

The announcements from the banks stated that the previous restriction of a minimum one-year cycle for mortgage rate adjustment has been removed. Borrowers can now request to change the repricing cycle to either three or six months, or they can keep it set to one year, providing more flexibility in managing their mortgage payments.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.