China's major lenders unveil measures for mortgage rate adjustment

China's major national commercial banks unveiled Saturday detailed measures to adjust interest rates for outstanding mortgage loans in line with the central bank's policies to stabilize the property market.

The adjustment will be implemented starting from Oct. 25, 2024, according to statements of major lenders including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank.

The mortgage rates for first homes, second homes and more will be reduced to 30 basis points below the loan prime rate, the statements said.

China's central bank requested last month commercial banks to lower interest rates for outstanding mortgage loans as the country aims to lower financial burdens on property owners.