China's Major Banks Slash Mortgage Rates to Boost Economy

China's four major state-owned banks, including China Construction Bank Corp and Bank of China, announced mortgage rate cuts starting October 25. This strategic move aims to alleviate homeowners' financial burdens and stimulate the property market, in accordance with the central bank's recent directive to bolster domestic demand.

In a significant move designed to invigorate the world's second-largest economy, four of China's predominant state-owned banks have declared reductions in existing mortgage rates effective from October 25.

These financial giants, notably China Construction Bank Corp and Bank of China, will offer rates up to 30 basis points lower than the benchmark Loan Prime Rate.

Such actions align with a central bank directive issued last month, aimed at lightening the financial load on homeowners and reviving the property market amid sagging domestic demand.

(With inputs from agencies.)