BEIJING : Three of China’s major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans.
The move is one of several support measures flagged by Beijing in recent weeks for the country’s crisis-ridden property sector amid mounting concerns over the health of the world’s second-largest economy.
Interest rates on existing first-home loans will be cut to the level in place when a home was purchased, the Industrial and Commercial Bank of China Ltd (ICBC), Agricultural Bank of China and Bank of China Ltd (BOC) said in statements.
