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Three major China banks to lower rates on existing first-home mortgages
2023-09-07 10:59:25

BEIJING (Reuters) - Three of China's major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans.


The move is one of several support measures flagged by Beijing in recent weeks for the country's crisis-ridden property sector amid mounting concerns over the health of the world's second-largest economy.


Interest rates on existing first-home loans will be cut to the level in place when a home was purchased, the Industrial and Commercial Bank of China Ltd (ICBC), Agricultural Bank of China (OTC:ACGBF) and Bank of China Ltd (BOC) said in statements.


The reduction will come into effect on Sept. 25, they said.


China's home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks' total loan books.


($1 = 7.3232 Chinese yuan)

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