People’s Bank of China dep. governor says rate cut applies to 90% of existing mortgages

People’s Bank of China dep. governor:

On existing mortgage rate cuts

• most stock of existing mortgage
  loans interest rates will be adjusted October 25
• Accounts for 90% of
  existing mortgages

On lowering minimum down payment ratios:

• Have observed market
  confidence and sales as a result

On real estate development
loans:

• Will be extended
  until end of 2026

Over the weekend banks in China confirmed mortgage rate cuts:

• Four of China’s biggest state-owned banks confirm mortgage rate cuts, beginning October 25

This article was written by Eamonn Sheridan at www.forexlive.com. Source