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.

Infrastructure Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..