The People's Bank of China announces five supportive policies for the real estate sector.

People's Bank of China Governor Pan Gongsheng announced five supportive policies for the real estate sector:

1. Existing mortgage rates will be reduced by approximately 0.5 percentage points, benefiting an estimated 50 million households and reducing annual interest expenses by 150 billion yuan.
2. A unified minimum down payment ratio for mortgages will be implemented, with the down payment ratio for second homes reduced from 25% to 15%.
3. The central bank's funding support ratio for affordable housing will be increased to 100%.
4. The validity of two real estate financial policy documents will be extended to 2026.
5. Support will be provided for the acquisition of existing land from real estate companies to alleviate financial pressure.

These measures aim to lower the threshold for home purchases, boost market confidence, and promote economic recovery.