Info comes via Reuters.

Chinese financial authorities on Sunday allowed a further cut in mortgage loan interest rates for some home buyers

  • For purchases of first homes, commercial banks can reduce the lower limit of interest rates on home loans by 20 basis points, based on the corresponding tenor of benchmark Loan Prime Rates (LPRs)

The statement from the People's Bank of China (PBOC) and China's Banking and Insurance Regulatory Commission said the cut is aimed at supporting demand and to promote stable and healthy development of the real estate market,


That statement says it all, aimed at propping up the struggling property sector - this a key driver of China's economy and its been flagging under the load of debt and subsequent failures of developers.