Asianfin--Industrial and Commercial Bank of China (ICBC), Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank, Zhejiang Commercial Bank, and Industrial Bank, among others, have released FAQs regarding the adjustment of mortgage rates for existing loans.

Mortgage rates that currently exceed LPR-30 basis points (BP) will be uniformly reduced to LPR-30BP. Both first and second-home mortgage rates will be adjusted. ICBC has confirmed the adjustment will take place on October 25, while other banks will complete the changes by October 31. Mortgages already below LPR-30BP are not subject to this adjustment.