Potential home buyers browse a housing project in Taiyuan, Shanxi province, on Sept. 23, 2024.
China’s major state-owned commercial banks lowered interest rates on existing mortgages on Friday, giving borrowers a rate cut of 0.5 percentage points on average and saving households a total of 150 billion yuan ($19.3 billion) a year.
This adjustment, mandated by the People’s Bank of China (PBOC), is to bring existing mortgage rates in line with market conditions. While smaller banks may implement the change slightly later, the process is expected to be completed by October 31.
You’ve accessed an article available only to subscribers
VIEW OPTIONS
