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Local mortgage rate floors allowed to be adjusted

By Zhou Lanxu | chinadaily.com.cn | Updated: 2023-01-05 21:55
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Potential homebuyers look at a property model in Taiyuan, Shanxi province. [WEI LIANG/CHINA NEWS SERVICE]

China has announced the establishment of a mechanism that allows local governments to adjust the regulatory floor of mortgage rates upon changes in local home prices, as part of its stepped-up efforts to promote a steady and healthy development of the property market.

Under the mechanism, cities where new home prices fall for three months in a row on both the monthly and yearly basis are allowed to temporarily maintain, lower or cancel the local lower limit of mortgage rates for first-home buyers, the People's Bank of China and the China Banking and Insurance Regulatory Commission said in a joint statement on Thursday.

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