China ends mortgage fees for some homebuyers

China announced plans on Monday to end mortgage fees for homebuyers borrowing from a government housing fund, Reuters reported, citing state media. The government will exempt notarial, guarantee and mortgage insurance fees as well as valuation charges for new and existing homes that are financed by the government housing provident fund, Xinhua said on its official microblog. The housing provident fund is a government-designed savings plan that allows Chinese workers and their employers to pay a part of their monthly wages into the fund to finance future house purchases. Monday’s move came after the government cut mortgage rates and down payment levels last month for some homebuyers in response to a softening housing market.