China will lower mortgage rates on existing home loans to a level similar to those of newly issued housing loans, according to an announcement of the People's Bank of China (PBC) on Sunday.
The PBC has required all commercial banks to carry out the adjustment of existing home loans before October 31, 2024. For the basis points added to the existing home loans interest rate that is higher than -30 basis points, it will be uniformly adjusted to -30 basis points, and it will not be below the lower limit of the basis points added to the newly issued housing loans currently implemented in a city (if any).
The average reduction in mortgage rates for existing home loans is expected to be around 0.5 percentage points. The adjustment is made to reduce the interest burden on mortgage borrowers.
The minimum down payment ratio for both first and second homes will be unified, except for cities that have a lower limit of mortgage interest rate policy, and set different mortgage interest rate for the first and second homes.
China to lower mortgage rates for existing home loans
The death toll from a crane collapse that derailed a passenger train in northeastern Thailand's Nakhon Ratchasima Province has risen to 32, with the number of injured now standing at 67, authorities said on Wednesday.
The accident occurred on Wednesday morning when the construction crane used for a high-speed rail bridge collapsed onto the train traveling from Bangkok to Ubon Ratchathani Province.
Speaking at a press briefing, Nakhon Ratchasima Governor Chaiwat Chuenkosum said the State Railway of Thailand expects to take approximately seven days to clear the wreckage and restore the track to normal operation while a full investigation into the cause of the accident is underway.
Thai Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn earlier told reporters that he has instructed agencies to conduct a transparent, comprehensive investigation to determine the cause and prevent recurrence.
According to Thai media reports, the main contractor for the involved railway section is Italian-Thai Development PLC, which has issued a statement on the accident, saying that the company will fully assume responsibilities related to compensation and medical treatment.
Songrit Yoonsoongnern, a rescuer, said that rescue teams are waiting for some parts of the wrecked train to be moved before continuing operations.
"Right now, we are waiting for the cranes to secure the carriage and the crane above, and to remove some debris that is on the bodies. For safety reasons, we must wait until Italian-Thai Development’s cranes complete the operation and safety is 100-percent assured, before ordering rescue personnel to enter and recover the bodies," he said.
32 killed after crane collapse derails train in Thailand
