[HIGHLIGHTS] Guangzhou’s first home loan interest rate can be reduced to as low as 3.85%. The combined efforts of policies are expected to help the property market get off to a good start in the Year of the Dragon.

Guangzhou’s first home loan interest rate can be reduced to as low as 3.85%. The combined efforts of policies are expected to help the property market get off to a good start in the Year of the Dragon.

According to CRIC statistics, in January 2024, the average transaction prices of first-hand and second-hand residences in Guangzhou were 4.13 million yuan and 2.71 million yuan respectively. If calculated based on a loan of 1 million yuan for a first home and equal principal and interest repayment over a 30-year term, after this interest rate cut, the monthly payment of home buyers can be reducing by about 150 yuan.