The People's Bank of China has implemented policies to lower mortgage supplementary loan interest rates and subsidize housing loans for residents.
The People's Bank of China lowered the one-year mortgage supplementary loan rate by 0.25 percentage points to 1.5% to incentivize policy banks to support the real economy. Meanwhile, the Ministry of Finance and other departments have implemented an interest subsidy policy for housing loans for residents, focusing on supporting first-time homebuyers with an interest subsidy of 1 percentage point to reduce loan interest costs. The policy will be implemented from October 1 this year for a period of one year.