Rate cut applies to 90% of existing mortgages

People’s Bank of China (PBOC) Deputy Governor spoke on several topics on the supportive measures implemented to shore up the property market.

Key takeaways

On existing mortgage rate cuts –

Most stock of existing mortgage loans interest rates will be adjusted October 25.

Accounts for 90% of existing mortgages.

On lowering minimum down payment ratios –

Have observed market confidence and sales as a result.

On real estate development loans –

Will be extended until end of 2026.