Shanghai no longer distinguishes between first homes and second homes for personal housing loans. Bank officials: specific implementation rates will wait until detailed regulations are finalized within the banking industry.

On August 25th, the Shanghai headquarters of the People's Bank of China announced that, in accordance with the People's Bank of China's policies on commercial individual housing loan interest rates and the regulatory requirements of the Shanghai government, adjustments will be made to the pricing mechanism for commercial individual housing loans in Shanghai. Specifically, in terms of the pricing mechanism arrangement, there will no longer be a distinction between first homes and second homes for commercial individual housing loans in Shanghai.