PBOC Deputy Governor: Rate cut applies to 90% of existing mortgages
FXStreetOct 17, 2024 3:30 AM
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.
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