People's Bank of China and China Banking and Insurance Regulatory Commission, Circular on the Adjustment of the Differential Housing Credit Policy for the Time Being

Issued: September 29, 2022

Main contents: With respect to cities where the sales prices of newly constructed commercially developed residential premises have continuously declined from June to August 2022, whether as compared to the previous period or year-on-year, the floor on the interest rate for commercial personal housing loans for first residential premises shall be relaxed for the time being by the end of 2022. The floor on the interest rate policy for commercial personal housing loans for second residential premises shall be handled in accordance with current regulations (Article 1).

The government of a city that satisfies the foregoing condition may decide at its own discretion to maintain, adjust downward or cancel in a phased manner the floor on the interest rate for commercial personal housing loans for first residential premises in light of changes in the local real estate market situation and regulation and control requirements (Article 2).