Chinese banks to reduce existing mortgage rates starting October 25

14 Oct 2024 CW Team

China's top banks will lower interest rates on existing mortgages starting October 25. This adjustment was requested by Beijing's central bank to alleviate pressure on homeowners.

This decision follows expectations that Finance Minister Lan Fo'an will announce additional fiscal stimulus during a highly anticipated press conference in Beijing on Saturday.

In recent weeks, Chinese policymakers have introduced a series of stimulus measures designed to revive an economy struggling with a prolonged property sector crisis and persistently low consumer spending.

These measures have included a variety of rate cuts and a relaxation of rules regarding home purchases. However, economists have indicated that further action is necessary to permanently lift the economy from its downturn.

State broadcaster CCTV mentioned that, with the exception of second mortgages in Beijing, Shanghai, Shenzhen, and certain other areas, the interest rates on other eligible mortgages will be adjusted to at least 30 basis points below the prime lending rate, which serves as the central bank's benchmark for mortgages.

CCTV also reported that major banks, such as the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, announced they would implement these adjustments "in batches." The banks stated that these changes "will be uniformly done" and that customers will not need to apply for them.

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