PBoC allows some cities to cut mortgage rates for first-time buyers

The People’s Bank of China
The People's Bank of China

Chinese authorities will allow some cities to lower mortgage rates for first-time homebuyers in a bid to revive the hard-hit property market.

Eligible local governments can now maintain, lower, or scrap the floor on mortgage rates for such buyers in phases. The People’s Bank of China and the China Banking and Insurance Regulatory Commission announced the move in a statement.

Cities will be eligible where the sales prices of newly built commercial residential housing fell between June and

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