China's six major banks rolled out adjustments to their interest rates for outstanding mortgages following the People's Bank of China's policies, Xinhua News Agency reported Saturday.
The central bank will implement the new rates beginning Oct. 25 for property market stabilization, the report said.
Under the new rules, mortgage rates for new houses, second-hand ones, and more will be slashed to 30 basis points below the loan prime rate, according to Xinhua.
Banks will apply the new rules uniformly and customers do not need to apply for them, the report said.
China's top six banks include Industrial and Commercial Bank of China (HKG:1398, SHA:601398), Agricultural Bank of China (HKG:1288, SHA:601288), Bank of China (HKG:3988, SHA:601988), China Construction Bank (HKG:0939, SHA:601939), Bank of Communications (HKG:3328, SHA:601328), and Postal Savings Bank of China (HKG:1658, SHA:601658).
Price (HKD): $4.86, Change: $+0.19, Percent Change: +4.07%
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