China says will cut interest rates for first-time home purchases
FILE PHOTO: A woman carrying her belongings walks by a luxury housing construction site in Beijing, on Sept. 24, 2024. (Associated Press Photo/Andy Wong, File)
BEIJING, China — China will cut rates for first-time home purchases, officials said Wednesday, as Beijing looks to provide much-needed support to the troubled property market.
The rate for first-time home purchases with loan terms over five years will be lowered to 2.6 percent from 2.85 percent, People’s Bank of China Governor Pan Gongsheng said at a news conference.
READ: China posts slowest growth in over a year as property issues hang
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