Multiple banks in China have made batch adjustments to the interest rates of existing personal housing loans starting on Friday.
It is estimated that the batch adjustments will benefit 50 million households and 150 million people across the country, reducing the total amount of household mortgage loan expenses by about 150 billion yuan (about 21 billion U.S. dollars) on average each year.
In many parts across China, many existing mortgage loan borrowers could see the adjusted mortgage interest rates through their banking apps on mobile phones on Friday morning.
"We can see on the app that the mortgage interest rate has indeed been adjusted. I remember that it was 4.5 percent before, and now it is 3.65 percent. The monthly payment was more than 3,500 yuan (about 491 U.S. dollars) before, and after the adjustment, it will be around 3,200 yuan (449 U.S. dollars) in the next installment period, basically a decrease of about 300 yuan (about 42 U.S. dollars)," said a resident in Beijing.
The interest rates on existing mortgage loans were adjusted in batches by the banks, and customers do not need to make applications.
Except for loans in Beijing, Shanghai, Shenzhen and for second home loans, the interest rates of other eligible mortgages will be adjusted to LPR-30 basis points below the Loan Prime Rate (LPR).
The LPR is the most preferential lending rate offered by a commercial bank to its prime clients, and serves as a reference for other lending rates across the economy.
As of 10:00 Friday, China’s six state-owned banks and several joint-stock banks such as Industrial Bank and China Zheshang Bank have completed the adjustments in most regions. While the small and medium-sized banks announced to complete the adjustments before the end of this month.
The People's Bank of China (PBOC), the country's central bank, on Monday announced to cut the market-based benchmark lending rate, with both the one-year LPR and the over-five-year LPR being lowered.
The over-five-year LPR, on which many lenders base their mortgage rates, fell to 3.6 percent, reduced by 0.25 percentage points from the previous reading, according to the National Interbank Funding Center. The reduction in LPR means the monthly payments will be further reduced for loan borrowers, further alleviating the pressure.
Chinese banks make batch adjustments on interest rates of existing home loans
A former television host from Taiwan, Zhai Xuan, has made a pivotal decision to leave mainstream broadcasting in order to create content that provides a better understanding of the Chinese mainland and cross-strait relations.
Zhai, a seasoned television host with over a decade of experience in Taiwan's media landscape, recently addressed an audience at an event in Beijing, where she revealed her complete transition into independent online media.
In her remarks, she articulated her aspiration to bridge what she perceives as a significant information gap between audiences on both sides of the Strait, highlighting her commitment to fostering a deeper understanding and connection through her new endeavors.
"I was really surprised by all the fake news. There were stories saying people on the mainland can't afford tea eggs or that they live in mud houses and in Taiwan, this was the main information many people received," said Zhai.
Zhai said she initially began producing online videos to challenge such perceptions while continuing her work as a television host.
In April 2025, she travelled to the mainland with her father to fulfill her late grandfather's wish to return to his hometown. The trip, which reunited family members separated since 1949, was recorded in a video series titled "Journey to Find Our Roots", drawing attention from viewers in both Taiwan and the mainland.
"Many people in Taiwan told me that after watching, they wanted to apply for a mainland travel permit immediately and go looking for their relatives. Some had long forgotten these things, but after seeing my story, they began thinking about their hometowns and family members they had never met and decided to search for their roots," Zhai shared her story at the event.
By mid-2025, Zhai said she began to feel increasing pressure amid rising political tensions and a tightening atmosphere around cross-Strait exchanges in Taiwan.
After more than 12 years in the industry, Zhai resigned from her position, believing it was the right thing to do.
"At that moment, I felt this was a major issue，not just for me, but for Chinese people on both sides of the Strait. If I backed down then, I wouldn’t be standing on the right side," said Zhai.
Since leaving television, Zhai has broadened her online programming to encompass a range of daily-life topics, including practical guidance on applying for a mainland travel permit and using commonly employed mobile applications, in addition to content that delves into historical memory and cultural connections across the Strait.
As the debate over cross-Strait relations continues in Taiwan, Zhai said she remains committed to her current path.
Former Taiwan TV host bridges cross-Strait divide via online media
