China to cut mortgage rates as part of plan to prop up property market

Local authorities will be allowed to turn unsold homes from developers into affordable housingChina will cut mortgage rates and allow local authorities to turn unsold homes from developers into affordable housing, in a series of drastic measures by Beijing aimed at propping up the country’s faltering property market.The People’s Bank of China said it would scrap the minimum rate of interest and reduce down-payment ratios to 15% for first-time buyers and 25% for second homes. It will