The loan prime rate (LPR) of more than 5 years, which is the reference for mortgage interest rates, has experienced the largest decline since the LPR reform in August 2019. The record-breaking reduction sends a strong signal to stabilize the property market and prevent risks.
The interest rate cut is a relatively large reduction in burdens and will help promote mortgage applications and consumption. The combination of policies supporting the stable and healthy development of the real estate market is expected to begin to gradually begin gradually.