China has taken a significant step to boost its property market by cutting the mortgage reference rate more than expected. This move aims to stimulate economic growth and increase consumer spending in the country.
The People's Bank of China announced a reduction in the loan prime rate (LPR) for first-time homebuyers by 20 basis points to 4.65%. This decision comes as part of the government's efforts to support the real estate sector, which plays a crucial role in China's economy.
