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Tier Two Cities Lower Mortgage Interest Rates

CHINA PRESS

Several local governments in tier two cities such as Jiujiang, Taiyuan, and Tangshan have decreased the lower limit on first time buyer mortgage interest rates to as low as 3.8%, according to Securities Daily. The move follows the recent measure taken by the People’s Bank of China (PBOC) to grant local authorities the power to set their own lower limit on mortgage rates if house prices have fallen year-on-year for three consecutive months. The paper believes more cities will lower their rates in 2023 to support demand and boost confidence. An LPR cut by the central bank is also a possibility, the paper said.

MNI Beijing Bureau | lewis.porylo@marketnews.com
Energy BulletsCommodities
MNI Beijing Bureau | lewis.porylo@marketnews.com
Energy BulletsCommodities

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