Several banks in Shanghai cut home mortgage rates after LPR reduction – state media
MACRO POLICY & REGULATION REAL ESTATE
Several banks in Shanghai cut home mortgage rates after LPR reduction – state media
MACRO POLICY & REGULATION REAL ESTATE

Several banks in Shanghai cut home mortgage rates after LPR reduction – state media

 

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Several banks in China’s financial hub of Shanghai lowered home mortgage rates after the benchmark lending rate LPR was cut, according to state-backed news outlet Shanghai Securities News.

The mortgage rates for first-time home buyers was cut to 4.55% from previous 4.65%, while the rate for second-home buyers was cut to 5.25% from 5.35%, the report said, citing several banks, including the local branch of Industrial and Commercial Bank of China (ICBC), the country’s biggest lender.. 

The adjustments will take effect from June 21, the report said. 

China on Tuesday cut benchmark lending rate LPR by 10 basis points, marking the first cut of the rates in ten months. The one-year LPR was cut to 3.55% from previous 3.65% and the five-year LPR cut to 4.2% from previous 4.3%.