Multiple banks in China on Saturday issued announcements that starting from Oct 25, they will make batch adjustments to the interest rates of existing personal housing loans.
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.
Many banks have made it clear that the interest rates on existing mortgage loans will be adjusted in batches by the banks, and customers do not need to make applications.
"The mortgage rates for both first homes and second homes will be reduced by 30 basis points from LPR nationwide. For second-home purchasers in Beijing, Shanghai and Shenzhen, the interest rate will be adjusted to the lower limit of the basis points added to the newly issued housing loans currently implemented in the cities. Most mortgage customers do not need to do anything. We will make batch adjustments in the backend system. After the unified adjustment is completed on Oct 25, customers can check the adjustment results on the mobile banking apps on Oct 26. Customers can operate the entire process on the mobile banking apps without going to the branch," said Yin Peng, head of the housing finance team of the consumer finance department under the Bank of China.
Yin said that if the interest rate of the borrower's existing mortgage is already lower than 30 basis points below LPR, then they will not benefit from the adjustment this time. For fixed-rate existing mortgages, they need to be converted into a floating rate based on LPR, and then the bank will directly make adjustments.
Some banks stated that customers with overdue mortgage loans will not be included in this batch adjustment.
"Customers who have arrears in loan principal or interest are not included in the batch adjustment. They need to pay off the overdue principal and interest and then apply for adjustment offline," said Zhao Qi, head of the retail credit department of Ping An Bank Beijing Branch.
Chinese banks announce to cut interest rates on existing home loans
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
