INTERNATIONAL BUSINESS TIMES au NEWSLETTER SIGNUP My account Log Out Sep 30, 7:51 PM AEST Business News Sports Technology Entertainment NEWSLETTER My account Log Out Australia edition Business News Sports Technology Entertainment Editions Australia India International Singapore United Kingdom United States NEWSLETTER Follow Us Editions Australia India International Singapore United Kingdom United States China's Top Banks To Tweak Mortgage Rates To Boost Housing Market By Luna Lin with Isabel Kua Published 09/30/24 AT 7:51 PM AEST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket China's teetering real estate market long accounted for around a quarter of its economy and experienced dazzling growth for two decades AFP Six of China's biggest banks said they would tweak interest rates on existing mortgages following a request to lower them from Beijing's central bank, state media said Monday, as the country seeks to pull itself out of a housing sector slump. The measures are the latest in a raft of pledges out of Beijing since last week aimed at kickstarting the world's number-two economy. The teetering property sector has long accounted for around a quarter of gross domestic product and experienced dazzling growth for two decades.
But a years-long housing slump has become a major impediment to growth as the country's leadership eyes a target of around five percent this year -- an objective analysts say is optimistic given the.
