Analysts say China rate hike hurt property market

China's residential property market and heavy borrowers will be the main victims of the People's Bank of China's latest interest rate hike, analysts at Credit Suisse said in a report published Monday 19 March.

"The residential property market is a major victim of this rate hike," Credit Suisse said in the report.

"Heavy borrowers will face a bigger interest rate burden too," it added.

"The move has departed from the usual rituals of using the reserve requirement ratio and open market operations