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securities times news,the 2024 third quarter (106th overall) regular meeting of the monetary policy committee of the people's bank of china was held in beijing on september 25.

the meeting pointed out that we should fully understand the new changes in the supply and demand relationship in the real estate market, comply with the new expectations of the people for high-quality housing, and strive to promote the implementation of financial policies and measures that have been introduced to achieve effective results.support the revitalization of existing idle land, reduce existing mortgage interest rates, and promote the stable and healthy development of the real estate market.increase financial support for the "market + guarantee" housing supply system and promote the acceleration of the construction of a new model of real estate development.

image source: visual china-vcg111491286099

recently, good news about real estate has been coming out frequently.

according to cctv news, on the morning of september 24, the state council information office held a press conference. the principal leaders of the people's bank of china, the state administration of financial supervision, and the china securities regulatory commission introduced the situation of financial support for high-quality economic development. a number of major policies were launched at the same time to increase the intensity of monetary policy control and further support stable economic growth.

at the press conference, the people's bank of china announced thatthe deposit reserve ratio will be lowered by 0.5 percentage points in the near future to provide the financial market with long-term liquidity of approximately 1 trillion yuan.

the central bank's policy interest rate will be lowered, and the interest rate for 7-day reverse repurchase operations will be reduced by 0.2 percentage points, from the current 1.7% to 1.5%.guide the loan market quotation rate and deposit interest rate to fall simultaneously, and keep the net interest margin of commercial banks stable.

image source: cctv news video screenshot

in terms of mortgages, interest rates on existing mortgages will be reduced and the minimum down payment ratio for mortgages will be unified.specifically:

guide commercial banks to lower existing mortgage interest rates to near the interest rates for new mortgage loans.the average decline is expected to be around 0.5 percentage points.

lower the national minimum down payment ratio for second home loans from 25% to 15%.unify the minimum down payment ratio for mortgage loans for first and second homes.

at the meeting, pan gongsheng, governor of the people's bank of china, said that the current reduction in existing mortgage interest rates is expected to benefit 50 million households with a population of 150 million, reducing household interest expenses by an average of about 150 billion yuan per year.

according to calculations by market agencies, the current average interest rate of existing mortgage loans nationwide is about 3.92%. if it drops by 0.5 percentage points,for a 1 million yuan commercial loan, based on a 30-year repayment method, the monthly payment will be reduced by about 280 yuan, and the interest expense can be reduced by about 100,000 yuan at most in 30 years.

according to xinhua news agency, the political bureau of the cpc central committee held a meeting on september 26.

the meeting pointed out the need to reduce the deposit reserve ratio and implement a strong interest rate cut.to promote the real estate market to stop falling and stabilize,for the construction of commercial housing, it is necessary to strictly control the increment, optimize the stock, improve the quality, increase the loan supply for "white list" projects, and support the revitalization of the stock of idle land. it is necessary to respond to the concerns of the masses, adjust the housing purchase restriction policy, reduce the interest rate of existing mortgage loans, speed up the improvement of land, fiscal and taxation, banking and other policies, and promote the construction of a new model of real estate development.

daily economic news, securities times, cctv news, xinhua news agency

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