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China Allows Cities to Further Cut Mortgage Rates
Published on: 2022-09-30
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China’s central government is allowing nearly two dozen cities to lower mortgage rates for purchases of primary residences, in a move analysts said was likely to provide only limited help for the country’s struggling housing market.
 

Eligible cities will be able to maintain, lower or remove the minimum interest rates set for loans that go toward primary-home purchases in their jurisdiction, according to a statement from the central bank and banking regulator. The permission will last through year-end.
 

The new rates can be negotiated between banks and their customers, the regulators said.
 

The new policy will apply to cities where newly constructed housing prices declined during the June-through-August period both compared with the previous three months and with the same period of 2021, according to the statement. Existing rules for second-home mortgage loans remain unchanged.


New home prices in China’s top 70 cities dropped 0.29% in August from July and were down 2.1% from a year earlier. Downward pressure on home prices was seen across the nation last month, with the trend worst in third-tier cities, where declines accelerated.


Prior to the policy change, Chinese banks already could cut mortgage rates to a record low of 4.1%, after the five-year loan prime rate was reduced this month to boost housing demand. Earlier on Thursday, the central bank vowed to accelerate usage of targeted loans to ensure delivery of delayed property projects.


首套房贷利率下限放宽


9月29日,人民银行、银保监会发布关于阶段性调整差别化住房信贷政策的通知,决定阶段性调整差别化住房信贷政策。符合条件的城市政府,可自主决定在2022年底前阶段性维持、下调或取消当地新发放首套住房贷款利率下限。根据国家统计局发布的近3个月70个大中城市新建商品住宅销售价格指数情况梳理来看,共有23个城市符合这一政策,基本集中在三四线城市和部分二线城市,包括天津、石家庄、大连、哈尔滨、武汉等。

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