Four Major Chinese Banks Cut Mortgage Rates

BEIJING (Reuters) – Four of China's largest state-owned banks announced on Saturday that they would reduce existing mortgage rates starting October 25, in an effort to stimulate the country's economy.

The banks, including China Construction Bank and Bank of China, stated that they would lower rates to as much as 30 basis points below the benchmark Loan Prime Rate.

These cuts align with a central bank directive from late last month, aimed at easing the mortgage burden for homeowners and invigorating the struggling property market and weak domestic demand.