The profit rise was within expectations as the lender experienced solid growth based on good asset quality.

Individual mortgages are a lucrative business. When floating mortgage rates hover around 5 percent, the bank’s cost is only 1.1 percent on average.

It’s difficult for most property buyers to predict the government’s moves on interest rates.

Individual mortgage is a key cash cow for lenders’ retail business. That’s why they are gearing up to offer more services to attract clients.

Property prices in Shanghai have risen out of the reach of ordinary citizens. It was only a matter of time until prices fell.

The move will inject lifeblood into the stock market. It will alleviate concern that the market will be weighed down by listings of big companies.