ABC simplifies lending

Agricultural Bank of China (ABC), one of the "Big Four" banks in the country, announced over the weekend it will gradually popularize automatic home-loan approvals in a move to expedite the grant of loans.

First-time homebuyers are required to make a minimum of 30 percent down payment and offered a 30 percent discount on their mortgage rates. The bank said Saturday that second-home buyers can now also enjoy the same down payment and discount policies which were only available to first-time homebuyers before.

ABC's announcement came after the central bank's relaxation of lending rules for some homebuyers, announced at the end of September, to revive the nation's sagging housing market.