China's Ministry of Finance, the PBOC and other agencies on Sept 29 issued a
notice mandating a nationwide residential mortgage interest-subsidy scheme
effective Oct 1, subsidising interest on commercial mortgage loans to individual
households purchasing a first home. As of Oct 10, ten days into implementation,
major state-owned banks have accelerated operational rollout; multiple provinces
and cities processed the first tranche of subsidy transactions over the National
Day holiday and eligible first-time buyers have begun receiving payments,
reducing financing costs for qualifying purchases.
