Caixin
Apr 15, 2022 04:49 AM
ECONOMY

Chinese Banks Expand Mortgage Rate Cuts to Bolster Housing Market

Outstanding individual mortgage loans stood at 38.8 trillion yuan ($6.09 trillion) at the end of March, up 8.9% from a year earlier
Outstanding individual mortgage loans stood at 38.8 trillion yuan ($6.09 trillion) at the end of March, up 8.9% from a year earlier

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.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription