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China’s central bank slashes mortgage rates in a bid to stabilize the property market

Posted on September 30, 2024 |

China's central bank has changed its approach to mortgage rates to reduce the financial strain on property owners.

Major banks will adjust interest rates on existing personal housing loans.

The People’s Bank of China (PBC) announced an average mortgage rate cut of 0.5 percentage points for existing home loans, bringing them in line with new loan rates.

Loans for housing will no longer distinguish between first-time and second-time buyers, simplifying the process.

Cities like Shanghai, Guangzhou, and Shenzhen have relaxed property buying rules to help revive the real estate market.

Shanghai's new real estate policies, effective October 1, 2024, make it easier for non-residents to buy homes by reducing the required duration of tax or insurance payments to one year.

The minimum down payments in Shanghai have been lowered, with first homes needing at least 15% and second homes at least 25%.