China’s residential mortgage-backed securities market has shrunk by almost two-thirds over the past year after a wave of early repayments from property owners that highlight the country’s constrained investment landscape.
The size of the market was Rmb363bn ($51bn) in March compared with more than Rmb1tn a year earlier, data from Fitch Ratings shows. Pre-payments leapt last year and are rising again, according to the rating agency.
In March, mortgages backing securitisations were repaid at the highest level this year, which would equate to a prepayment rate of 43 per cent on an annualized basis — about four times the typical rate.
您已閱讀18%（636字），剩余82%（2946字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。