Caixin
May 16, 2022 01:30 PM
ECONOMY

China Cuts Mortgage Rates to Boost Home Sales

Apartment buildings at the Magnolia Mansion residential project, developed by Sunac China Holdings, in Shanghai on Jan. 14.  Photo: Bloomberg
Apartment buildings at the Magnolia Mansion residential project, developed by Sunac China Holdings, in Shanghai on Jan. 14. Photo: Bloomberg

(Bloomberg) — China’s central bank effectively cut the interest rate for new mortgages in an attempt to prop up the ailing housing market and boost the slowing economy.

The Sunday announcement from the People’s Bank of China means that first-home buyers will be able to borrow money at an interest rate as low as 4.4%, down from 4.6% previously. The change is aimed at supporting housing demand and will “promote the stable and healthy development of the property market,” the PBOC said.

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