A number of commercial banks in the Chinese mainland started to reduce interest rates on existing housing mortgage loans on Friday, following the central bank's cut to mortgage rates.
The six major commercial banks in the Chinese mainland have already reduced existing mortgage rates to no less than 30 basis points (bps) below the loan prime rate (LPR), with multiple joint-stock commercial banks set to follow suit, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, and Postal Savings Bank of China.
After the adjustments, existing mortgage rates were cut by about 50 bps on average.
Reference(s):
China's banks cut existing mortgage rates to support real estate
cgtn.com
