Chinese Banks Expand Mortgage Rate Cuts to Bolster Housing Market

Banks across China joined the parade of cutting mortgage rates for homebuyers in a broadening effort to shore up the beleaguered real estate market, which is weighing on an economy struggling with China’s worst Covid-19 resurgence.

Since March, banks in more than 100 cities have lowered borrowing costs according to conditions of their business operation and local market to address weakening market demand, Zou Lan, head of financial markets at the People's Bank of China (PBOC), said Thursday at a briefing.