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China to cut mortgage rates as part of plan to prop up property market

China will cut mortgage rates and allow local authorities to turn unsold homes from developers into affordable housing, in a series of drastic measures by Beijing aimed at propping up the country’s faltering property market.

The People’s Bank of China said it would scrap the minimum rate of interest and reduce down-payment ratios to 15% for first-time buyers and 25% for second homes. It will also create a 300bn yuan (?32.8bn) facility to support local state-owned companies to buy homes at reasonable prices, it said in a series of statements on Friday.

The announcement is China’s biggest effort yet to restore confidence in its ailing property market after data released on Friday showed month-on-month house prices were falling at the steepest rate in a decade despite previous efforts to curb losses.

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