China's big banks to cut existing mortgage rates starting on October 25

BEIJING: Four of China's biggest state-owned banks announced cuts on Saturday to existing mortgage rates starting on Oct. 25, as the authorities ramp up efforts to stimulate the world's second-biggest economy.

The lenders, including China Construction Bank Corp and Bank of China, said in statements they would cut the rates to as low as 30 basis points below the benchmark Loan Prime Rate.

The actions are in line with a central bank order late last month aimed at easing homeowners' mortgage burden to boost the property market and weak domestic demand.