This photo taken on Oct. 19, 2023 shows the People's Bank of China in Beijing, capital of China. (Photo/Peng Ziyang, Xinhua)

Beijing - The People's Bank of China and the National Financial Regulatory Administration rolled out a wave of policies on Sunday to stabilize the real estate market.

The mortgage rates for first homes, second homes and more are required to be reduced no lower than 30 basis points below the loan prime rate (LPR) by Oct. 31, 2024 to ease financial burdens on property owners.

In principle, 18 national commercial banks need to release their plans for adjustments before Oct. 12.

The minimum down payment ratio for individuals' commercial housing mortgages will be lowered to no less than 15 percent for both first-home and second-home purchases.

The pricing mechanism for interest rates of individuals' commercial housing mortgages will be refined so that the rates can be adjusted dynamically based on agreements between borrowers and banks.

The central bank will increase funding for financial institutions if they issue loans to support local state-owned enterprises to acquire completed yet unsold commercial housing at reasonable prices for use as affordable housing.

In addition, some financial policies for the property market will be extended.

This array of stimulus measures came after a recent meeting of the Political Bureau of Communist Party of China Central Committee underlined efforts to reverse the downturn of and stabilize the real estate market.