People's Bank of China dep. governor says rate cut applies to 90% of existing mortgages

People's Bank of China dep. governor:

On existing mortgage rate cuts

• most stock of existing mortgage loans interest rates will be adjusted October 25
• Accounts for 90% of existing mortgages

On lowering minimum down payment ratios:

• Have observed market confidence and sales as a result

On real estate development loans:

• Will be extended until end of 2026

Over the weekend banks in China confirmed mortgage rate cuts:

• Four of China's biggest state-owned banks confirm mortgage rate cuts, beginning October 25